[2021 National Audit] Moon Seung-wook: "Bold and Strong Nationwide Support for Semiconductors and Other Key Industries Critical to National Economic Security"

October 5th National Assembly Industry, Trade, and Energy Committee Audit

Moon Seung-wook, Minister of Trade, Industry and Energy. (File photo)

[Sejong=Asia Economy Reporter Joo Sang-don] Moon Seung-wook, Minister of Trade, Industry and Energy, stated on the 5th, "For industries that are important from the perspective of national economic security, such as semiconductors, once the 'Special Act on National Core Strategic Industries' is enacted, we will promote more bold and strong support on a nationwide scale based on this."

On this day, Minister Moon made these remarks during his greeting at the 2021 National Assembly audit by the Industry, Trade, Small and Medium Enterprises and Venture Businesses Committee.

Minister Moon emphasized, "We will fully expand support for process improvements and mid- to long-term large-scale technology development to achieve industrial digital transformation and carbon neutrality," adding, "We will accelerate the transition to a future-oriented industrial structure through institutional foundations and systematic strategy preparation."

The Ministry of Trade, Industry and Energy will also work on establishing a carbon-neutral foundation through energy system innovation. Minister Moon said, "Considering the upcoming Nationally Determined Contribution (NDC) targets, we will raise the annual Renewable Portfolio Standard (RPS) and improve systems related to renewable energy supply and purchase," and added, "We will also expand support for energy innovation companies by establishing joint corporate research centers and providing guarantees based on carbon value evaluation."

Minister Moon pledged to do his best to ensure that exports, which are achieving record-breaking performance, will reach an all-time high overall this year. In September this year, export value exceeded $55.8 billion, marking the highest monthly figure since trade statistics began in 1956. With three months remaining until the end of the year, if the current trend continues, the export growth rate will turn positive for the first time in three years, and the annual export record set in 2018 is expected to be surpassed. Minister Moon stated, "We will devote all efforts to managing export risks such as logistics difficulties and raw material supply, and focus on strengthening capabilities in next-generation export items and digital and service trade," emphasizing, "We will expand the scope from 'negotiating trade' to 'trade that creates national wealth' with five pillars: supply chain, technology, digital, climate change, and vaccine cooperation."