Hong Nam-ki: "500,000 Slow Chargers Within a 5-Minute Walk... Popularizing Eco-Friendly Cars" (Update)

Innovation Growth BIG3 Promotion Meeting
50 Trillion Won Investment Next Year in Big 3 Industries Including Semiconductor Manufacturing Ultrapure Water and Artificial Blood Commercialization

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is presiding over the 13th Innovation Growth BIG3 Promotion Meeting held at the Government Seoul Office on the 29th. A stopwatch is installed in the center of the meeting room. 2021.7.29 [Photo by Yonhap News]

[Sejong=Asia Economy Reporter Son Seon-hee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, announced on the 29th that to strengthen electric vehicle charging infrastructure, "by 2025, more than 500,000 slow chargers will be installed centered around living areas within a '5-minute walking distance'." Additionally, more than 5 trillion won in fiscal investment will be made next year in the BIG 3 industries (semiconductors, future cars, biohealth).

On the morning of the same day, Deputy Prime Minister Hong presided over the Innovation Growth BIG 3 Promotion Meeting at the Government Seoul Office and said, "The government will spare no effort in providing comprehensive support to foster the BIG 3 industries intensively and to establish and maintain a leading position in the future." To emphasize the government's determination, he also quoted the four-character idiom "jaengseon gonghu" (爭先恐後), meaning 'competing to be first and fearing to fall behind.'

Along with fiscal support, Deputy Prime Minister Hong stated, "Even if the tax law amendment bill to significantly expand tax support for research and development (R&D) and facility investment in the three national strategic technologies?semiconductors, batteries, and vaccines?is passed in this regular National Assembly session, early application will be made from the second half investment to induce prompt investment." He added, "To provide more systematic and continuous support for fostering national core strategic industries, we will promote the enactment of the National Core Strategic Industry Special Act and strive to legislate it in the regular National Assembly."

At the meeting, plans to expand electric and hydrogen vehicle charging infrastructure were discussed. As of last month, about 72,000 electric vehicle chargers and 110 hydrogen vehicle charging stations have been established and are in operation, but on-site demands for user convenience-centered placement of charging stations and expanded private sector participation remain.

Regarding this, Deputy Prime Minister Hong said, "We will proactively build electric and hydrogen vehicle charging infrastructure centered on 'transportation hubs' to accelerate popularization." The government plans to establish by 2025 ▲ more than 12,000 rapid chargers mainly at highway rest areas ▲ more than 500,000 slow chargers centered around living areas within a '5-minute walking distance' ▲ more than 2,300 commercial vehicle charging stations mainly at bus and taxi garages. For hydrogen charging stations, more than 70 will be added in the second half of the year, aiming to build 180 stations within the year.

Additionally, the government will promote the localization of ultrapure water production technology (water with almost no impurities) necessary for semiconductor manufacturing processes through a public-private joint effort. The goal is to localize 100% of ultrapure water design and more than 60% of construction by 2025.

In the biohealth sector, practical use of transfusable artificial blood will be pursued by the mid-2030s. Due to COVID-19, low birth rates, and aging population, the current blood supply system relying on blood donations is facing worsening supply-demand imbalance and increased risk of transfusion accidents. Therefore, production of clinically applicable artificial blood will be promoted.

Furthermore, the government will support startups in the BIG 3 industrial sectors. A platform will be operated where large corporations publicly request technologies or items needed from startups, and startups propose solutions, supporting joint commercialization between large corporations and startups.