Candidate Moon Seung-wook: "Focus on Restoring $1 Trillion Trade and Advancing as an Export Powerhouse"

Opening Remarks at the April 4 Confirmation Hearing... "Ensuring a Smooth Energy Transition"

Moon Seung-wook, Ministerial Candidate for the Ministry of Trade, Industry and Energy Photo by Yonhap News

[Sejong=Asia Economy Reporter Kwon Haeyoung] On the 4th, Moon Seung-wook, nominee for Minister of Trade, Industry and Energy, emphasized his determination to focus on the rapid recovery and leap forward of our economy by stating, "We will prioritize policies to restore South Korea's $1 trillion trade volume and advance as a stronger export powerhouse."

In his opening remarks at the confirmation hearing held by the National Assembly's Industry, Trade, Energy, Small and Medium Enterprises Committee that morning, Moon said, "We will pool cross-ministerial capabilities to further advance existing key export items and expand the export market share of new promising items such as new industry products, consumer goods, and services."

Regarding the current economic situation, he assessed, "While we expect an overall recovery trend, there are many uncertain factors." He explained, "Amid the ongoing COVID-19 pandemic, supply instability of automotive semiconductors and export-import logistics difficulties are immediate challenges in the industrial field. There are also structural issues that require response, such as the 4th Industrial Revolution, climate change response and carbon neutrality realization, and the spread of digital technology." He added, "Externally, many changes are expected in the international order and trade environment, including the expansion of US-China conflicts, potential supply chain restructuring, and strengthened environmental regulations. Now is a time when the role of the Ministry of Trade, Industry and Energy, which oversees industry, trade, and energy sectors, is more important than ever."

Moon expressed his intention to support Korean companies facing the global competitive environment through measures to strengthen competitiveness in core new industries such as semiconductors and secondary batteries.

He stated, "We will solidify the status of an advanced industrial powerhouse centered on two pillars: innovation in key industries and fostering new industries," adding, "We will spare no policy support to spread eco-friendly and digital transformation throughout the key manufacturing sectors."

He also showed his commitment to building a future-oriented industrial foundation by promoting ESG (Environmental, Social, and Governance), strengthening core workforce training and technology development, proactive business restructuring, and establishing international standards.

He pledged to maintain and stabilize the 'energy transition' policy pursued by the Moon Jae-in administration. Moon said, "We will steadily continue the expansion of renewable energy, the expansion of distributed power infrastructure, and complementary measures to reduce coal and nuclear power generation," adding, "We will also make every effort to secure public acceptance and stable supply of energy resources during this process." He emphasized, "Carbon neutrality is both a crisis and an opportunity," and said, "We will promptly establish a hydrogen industry ecosystem and actively strive for technological innovation and fostering new energy industries so that our companies can seize this opportunity."

Additionally, he expressed his intention to take a leading role in establishing digital and eco-friendly trade norms and participating in global supply chain discussions. He also stated that he will actively consider joining new trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Moon said, "While overseeing industrial policy at the Ministry of Trade, Industry and Energy, I made great efforts to resolve industry-specific issues such as automobiles, shipbuilding, and semiconductors. During my tenure as Deputy Governor of Gyeongsangnam-do Province, I directly confirmed the process of policy formulation, implementation, and feedback by working on the ground in the region." He added, "While working at the Office for Government Policy Coordination, I gained valuable experience mediating diverse opinions across various fields during policy decision-making." He concluded, "If appointed as minister, I will do my utmost based on these experiences to ensure our economy recovers quickly and takes a leap forward."