Half a Month Since Lee Chang-yang's Inauguration, Boosting Corporate Vitality by Touring Industrial Sites

Next Week Visit to Icheon SK Hynix Factory
Discussion on Investment and Supply Chain with KCCI and KITA
"Emphasizing a Leading Role in Private Sector Vitality"

Lee Chang-yang, the secretary of the Economic Division 2 of the Presidential Transition Committee, who has been nominated as the first Minister of Trade, Industry and Energy under the Yoon Suk-yeol administration, is seated at the 5th plenary meeting of the Presidential Transition Committee held on the 11th at Samcheong-dong, Jongno-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Sejong=Reporter Dongwoo Lee] Lee Chang-yang, Minister of Trade, Industry and Energy, who is marking two weeks since his inauguration, has been actively visiting industrial sites to boost corporate vitality.

According to the Ministry of Trade, Industry and Energy on the 28th, Minister Lee will visit the SK Hynix factory in Icheon, Gyeonggi Province on the 30th to hold the 1st Industrial Strategy Roundtable Meeting for the semiconductor industry. In the process of supply chain restructuring centered on the United States, the public and private sectors will jointly review the overall ecosystem of the industry to strengthen the semiconductor powerhouse.

The day before, Minister Lee visited the Korea International Trade Association in Gangnam-gu, Seoul, where he discussed major trade issues such as supply chains and logistics difficulties with Chairman Koo Ja-yeol. During the meeting, he said, "We will establish new visions and goals for trade in response to rapidly changing domestic and international environments, promote trade policies, and closely cooperate with the association," reiterating the importance of supply chain stability.

He also explained the new government's plans for managing trade risks such as supply chains, providing full support for exports including finance and marketing, and expanding the future trade infrastructure such as digital trade. On the same day, he toured the Global Supply Chain Analysis Center, a specialized institution for supply chain issues.

Lee Chang-yang, Minister of Trade, Industry and Energy (second from the right), visited the Guyeong Tech automotive parts factory in Daegu on the 24th and is receiving an explanation about the products from Lee Hee-hwa, Chairman of Guyeong Tech.

Earlier, on the 24th, he visited Gooyoung Tech, an automobile parts company in Daegu, to listen to the difficulties faced by parts manufacturers in transitioning to future vehicles. Minister Lee said, "To turn the huge challenge of transitioning to future vehicles into an opportunity for growth in the automobile parts industry, the government and companies must work together to actively address the issue," adding, "We plan to systematically support the business transformation of parts companies."

On the 18th, as his first official move after inauguration, he visited the Korea Chamber of Commerce and Industry to meet with Chairman Chey Tae-won, who is also the chairman of SK Group, emphasizing the government's intention to 'expand investment' in companies. Minister Lee said at the meeting, "The government will pursue bold policies such as expanding facility investment," and added, "If productivity does not improve, prices will inevitably rise further, so investment is very important."

The reason Minister Lee repeatedly emphasizes boosting corporate vitality while visiting sites is based on the judgment that strengthening industrial competitiveness is essential to overcome the low-growth trend. Earlier, in his inauguration speech on the 13th, he stressed, "Without the vitality and leading role of the private sector, it is difficult to expect strengthening industrial competitiveness and economic growth," and added, "It is a critical time to overcome the low-growth trend through enhancing industrial competitiveness and to create quality jobs."