Launch of Semiconductor Special Committee with Yeo... "Special Act to be Enacted by August"

Seeking Solutions for Vehicle Supply Issues
Enactment of Special Industrial Support Act by August

Yoon Ho-jung, the Emergency Committee Chairman of the Democratic Party of Korea, is delivering a greeting at the launch ceremony and the first meeting of the Semiconductor Technology Special Committee held at the National Assembly on the 23rd. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Jeon Jin-young] The Democratic Party of Korea's Special Committee on Semiconductor Technology was launched on the 23rd. The committee aims to devise solutions for the current issue of vehicle semiconductor supply and to enact a special law supporting the semiconductor industry by August.

Yoon Ho-jung, the floor leader and emergency response committee chairman, stated at the committee's inauguration ceremony held at the National Assembly that morning, "The committee is expected to come up with solutions for the biggest issue, the supply of vehicle semiconductors," adding, "We hope you will also focus on simplifying customs and logistics. The Democratic Party will carefully incorporate the vivid voices of the economy and industry into policy."

Yang Hyang-ja, the committee chairperson, said, "Semiconductors are a 'timing' business where speed is crucial," and added, "We will ensure that by August at the latest, a special law supporting the semiconductor industry with the highest level of completeness will be presented." Yang also emphasized, "The special law will be at a level that can overwhelm the support measures of competing countries," and "Before that, we will gather field opinions and propose to the president support measures and regulatory relaxations possible through presidential decrees." The committee plans to include members of the National Assembly's Defense Committee to jointly manage the defense industry where semiconductors are also utilized.