Choi Sang-mok "Additional Semiconductor Support, Measures to Strengthen Secondary Battery Competitiveness"

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is attending and speaking at the Economic Ministers' Meeting held at the Government Seoul Office in Jongno, Seoul on the 28th. Photo by Jo Yong-jun

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, stated on the 28th, “We will steadily implement a 26 trillion won support package including the creation of semiconductor industrial complexes, water supply support, and low-interest loan programs, while also preparing additional support measures such as power transmission infrastructure construction and semiconductor specialized workforce training.”

At the Economic Ministers' Meeting held at the Government Seoul Office on the same day, Deputy Prime Minister Choi said, “We will strive to fundamentally enhance the competitiveness of the semiconductor industry, which is facing a shift in global competition structure and market demand.”

Deputy Prime Minister Choi’s remarks came amid sluggish conditions, with the real Gross Domestic Product (GDP) in the third quarter of this year increasing by only 0.1% compared to the previous quarter. He emphasized, “We will actively support exports so that they can continue to drive the sustainable growth of our economy,” and added, “We will also prepare measures to strengthen the competitiveness of key items such as petrochemicals, which are facing difficulties due to global oversupply, and secondary batteries, which are affected by the electric vehicle chasm.”

He further stated, “For petrochemicals, we will promote the development of high value-added technologies and eco-friendly transitions, and for secondary batteries, we will support stable raw material supply through infrastructure support for specialized complexes and the supply chain stabilization fund.”

Regarding sluggish domestic demand, he indicated plans to further strengthen tailored support for vulnerable sectors such as construction and small business owners. He explained, “We will ensure thorough execution of an additional 8 trillion won investment by public institutions in the second half of the year and the implementation of social overhead capital (SOC) fiscal projects, and finalize measures to reflect realistic public construction costs within the year. We will also promptly prepare additional tailored support measures for vulnerable groups such as small business owners.”

Concerning the unstable external situation, including Israel’s retaliatory attack on Iran last weekend, he said, “We will maintain heightened vigilance and prepare for all possibilities through an all-ministry emergency response system.” The government plans to respond swiftly according to contingency plans if the financial and foreign exchange markets experience excessive volatility.

Regarding the impact of this year’s tax revenue shortfall on livelihoods and the economy, Deputy Prime Minister Choi stated, “We will execute expenditure budgets as smoothly as possible using available resources without additional issuance of government bonds.”