Choi Sang-mok: "The Next 6 Months Are the Golden Time That Will Decide the Fate of Our Industry"

Ministerial Meeting on Strengthening Industrial Competitiveness

On the 27th, Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, is delivering the opening remarks at the Meeting of Ministers for Strengthening Industrial Competitiveness held at the Korea Semiconductor Industry Association in Bundang-gu, Seongnam-si.

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, said on the 27th, "The next six months are a golden time that will determine the fate of our industry."

Deputy Prime Minister Choi made this remark during his opening remarks at the Ministerial Meeting on Strengthening Industrial Competitiveness held at the Korea Semiconductor Industry Association in Seongnam, Gyeonggi Province, stating, "The headwinds are gradually intensifying."

He expressed concern, saying, "Our economy and industry are facing fiercer challenges than ever before," and "If policy directions such as universal tariffs materialize following the inauguration of the new U.S. administration, the uncertainty of our economy may increase." He also cited technological catch-up by latecomer countries and the restructuring of global supply chains as factors threatening the Korean economy.

Deputy Prime Minister Choi explained, "Over the past 30 years since the establishment of the World Trade Organization (WTO) system, our companies have maintained competitiveness by running ahead while the government pushed from behind," adding, "Considering cases of major countries where the state takes the forefront in industrial competition, we cannot simply adhere to this past growth formula."

He emphasized, "Now, the government will become a 'player' running alongside companies, not just a 'supporter' pushing from behind," and "We will also approach industrial policy from a new perspective."

First, referring to the reality where major countries are waging unprecedented all-out efforts including subsidies to lead advanced industries, he said, "We will correct the tilted playing field by mobilizing all available means beyond the existing policy tools we have used and providing full support."

He stressed the need to alleviate uncertainties such as the reduction of incentives under the Inflation Reduction Act (IRA), saying, "We will operate government-to-government cooperation channels comprehensively to quickly and accurately convey the voices of our companies and minimize the impact of changes in major countries' industrial policies."

Deputy Prime Minister Choi added, "Policy officials will carefully identify difficulties on the ground themselves and focus on solving problems faced by companies," and "We will also solidly expand the investment base for companies by modernizing aging industrial infrastructure and steadily building foundational facilities including power grids."