Policy Forum for New Industries: "Bold Deregulation Needed"

Kwon Tae-shin, Vice Chairman of the Federation of Korean Industries, is delivering a greeting at the 'Policy Forum for Leading the New Industry Globally' held at the Federation of Korean Industries Conference Center on the 5th.

[Asia Economy Reporter Park Sun-mi] There is a shared voice among the business community and political circles that bold policy support and regulatory reforms are necessary for Korean companies to lead the development of new industries.

On the 5th at 10 a.m., the Federation of Korean Industries (FKI), together with the Korea Venture Business Association and the People Power Party Policy Committee, held a "Policy Forum for Leading the Global New Industry" at the Emerald Room on the 3rd floor of the FKI Conference Center. They announced the "Pledge and Declaration for Leading the Global New Industry." The declaration states that companies should take an innovative role in developing future growth industries such as semiconductors, future cars, and batteries, while the political circles and government must go beyond existing frameworks to empower companies with autonomy and creativity.

In his greeting, Kwon Tae-shin, Vice Chairman of the FKI, said, "To maintain the semiconductor industry's super-gap, we must solidify leadership in the memory sector while focusing on nurturing the system sector." He added, "To this end, tax credits for semiconductor facility investments should be expanded, and the number of semiconductor-related departments in universities in the metropolitan area should be increased." Regarding strengthening the competitiveness of the future automobile industry, he stated, "It is urgent to enhance the competitiveness of the parts industry," and added, "We must focus on training specialized personnel and preventing technology leakage so that the secondary battery industry does not become a 'nutcracker' caught between China and Japan."

In this regard, Lee Chang-eun, Vice President of the Korea Venture Business Association, suggested, "Reforming regulations that hinder growth in future strategic industries is a very important task to invigorate the industrial field." Seong Il-jong, chairman of the People Power Party Policy Committee, also promised, "We will support young innovators' innovative ideas in semiconductors, artificial intelligence (AI), big data, and more to become the driving force of the economy," emphasizing, "The People Power Party shares the will to build the future paradigm of the Yoon Suk-yeol administration and will actively support measures to back advanced industries such as semiconductors and other future growth sectors."

Lee Cheol-gyu, a member of the National Assembly and secretary of the Industry, Trade, Energy, Small and Medium Enterprises Committee from the People Power Party, announced, "We will gather strength and wisdom to boldly abolish regulations and prepare innovative government support measures to foster new industries that will be the future growth engines of the Republic of Korea."