'Bean Sprout Cultivation' Removed, Secondary Batteries and Virtual Assets Added... Industrial Classification Revised After 7 Years

New industrial classifications will be established for future and growth industries such as secondary batteries, electric vehicle manufacturing, and virtual asset trading. Conversely, classifications like soybean sprout cultivation and copying services will be integrated into existing categories and thus disappear.

Statistics Korea announced on the 28th that the "11th Revision of the Korean Standard Industrial Classification (KSIC)" will be officially notified on January 1 next year and, after a preparation period, will be implemented from July 1 next year.

[Image source=Yonhap News]

KSIC serves as the basis for compiling national basic statistics and is also used for policy purposes such as tax imposition, factory registration, and application of various social insurances. This revision is the first in seven years since the 10th revision in 2017.

The most notable change is the establishment and subdivision of categories for future and growth industries. Classifications for hydrogen, in vitro diagnostic reagents, secondary batteries, electric vehicles, wind power generation, video and audio content provision, virtual asset trading and brokerage, and online platform-based service industries have been newly created and subdivided.

Additionally, after gathering opinions from the public and related agencies, and reviewing demands for revisions such as civil complaints and regulatory improvements, industries that meet criteria such as number of businesses, sales, and number of employees?such as biopharmaceuticals, artificial marble, dental prosthetics, implants, real estate sales agency, and casinos?have also had classifications newly established and subdivided.

Industries with relatively decreased proportions have been consolidated. Specifically, soybean sprout cultivation, tire retreading, copper casting, cameras and projectors, general scales, pulp and paper processing machinery, electronic musical instrument manufacturing, inland water passenger and freight transportation, and copying services have been integrated. Social security insurance and pension businesses have been moved from major category K (Finance and Insurance) to O (Public Administration, Defense, and Social Security Administration).

Statistics Korea stated, "The 11th revision of the Korean Standard Industrial Classification will be usefully applied in establishing and evaluating various economic policies, as well as analyzing statistical results and indicators."