Choi Sang-mok "Establishing 50 Trillion Advanced Strategic Industry Fund... Broad Support for Companies"

Acting President and Deputy Prime Minister Choi Sang-mok, who also serves as Minister of Economy and Finance, announced on the 5th, "We will establish an advanced strategic industry fund worth 50 trillion won to broadly support large corporations to small and medium-sized enterprises in advanced strategic industries such as semiconductors and AI."

Yonhap News

Acting President Choi made this announcement on the 5th at the Government Complex Seoul during the meeting of ministers on national issues, economic affairs, and industrial competitiveness enhancement.

He pointed out the global industrial paradigm shift, intensified technological competition among major countries, and the increasing uncertainty in the trade environment, emphasizing the need for proactive responses. In particular, he stated that urgent investment in advanced technologies and policy support are necessary to keep pace with industrial changes caused by the U.S. government's strengthened protectionist stance.

The government plans to support core industries such as semiconductors, AI, secondary batteries, and bio through the establishment of the advanced strategic industry fund. Support will be expanded not only to large corporations but also to mid-sized and small enterprises, including industries essential for future strategies and economic security. Additionally, various financial support methods will be introduced, such as ultra-low-interest loans at the level of government bonds and equity investments using special purpose companies (SPCs), focusing on long-term infrastructure and technology development projects.

Measures to improve the efficiency of the public procurement market will also be pursued. Acting President Choi stated, "The government will activate the 'National Contract Dispute Mediation System' to promptly resolve disputes between ordering agencies and companies, and expand the scope of dispute mediation to comprehensive construction projects worth 400 million won or more." The claim period will also be extended to 60 days. The government plans to effectively respond to mediation demands by establishing a dedicated organization for the defense sector and introducing a rapid mediation system for small cases.

Acting President Choi also decided to promote measures to prevent highly pathogenic avian influenza (AI) and strengthen livestock disease prevention and supply management. The "special quarantine period" will be extended until March 14, and incentives to promote autonomous quarantine by farms, such as priority vaccine support and easing of quarantine measures, will be expanded. Furthermore, a mid- to long-term program for zoonotic disease surveillance will be prepared to actively respond to new infectious disease threats.

Acting President Choi stated, "The government will strengthen industrial competitiveness through swift policy responses and provide timely support that companies need," adding, "We will cooperate with the National Assembly to promptly complete related legislative amendments and swiftly launch the fund."