President Lee Attends K-Manufacturing Industry On-site Meeting
"Our Government Is Paying Close Attention and Striving to Provide Support"
Ministers Announce Measures to Support Manufacturing Innovation
President Lee Jae-myung listens to remarks from participants at the K-Manufacturing Industry On-site Meeting held on the 3rd at Saesol Diamond Industry in Ansan, Gyeonggi Province. Photo by Yonhap News Agency
President Lee Jaemyung visited a leading domestic semiconductor company on the 3rd and emphasized, "It is essential for capable manufacturing industries to grow and advance." Relevant ministries, including the Ministry of Trade, Industry and Energy and the Ministry of SMEs and Startups, presented support measures, pledging to drive innovation in the manufacturing sector.
On this day, President Lee held the "K-Manufacturing Industry On-site Meeting" at Saesol Diamond Industry in Ansan, Gyeonggi Province, stating, "The most pressing task for Korea can be summarized as recovery and growth," and added, "Many things have become abnormal, but the process of returning to normal is underway."
This meeting drew attention as it was organized as a field visit to a company after President Lee announced his intention to focus on finding new growth engines and restoring the livelihoods of the people following his summit diplomacy. Saesol Diamond Industry, which produces components that flatten wafers, a key material in semiconductors, currently holds the top global market share in its field.
President Lee emphasized, "Manufacturing is especially important in terms of providing jobs for the people," adding, "Our government is paying close attention and making efforts to provide support."
During the meeting, policy briefings from ministries related to industry were also presented. Minister of Trade, Industry and Energy Kim Jeonggwan pointed out, "Manufacturing is emerging as a strategic asset for national security," but also noted, "Currently, our manufacturing sector is facing a crisis as growth has stagnated." He explained, "The president of Saesol Diamond Industry also expressed concerns about China, and in reality, our growth capacity is weakening due to factors such as technological catch-up by competing countries, a declining production workforce, and sluggish investment."
Minister Kim stated, "We must strengthen our innovation capabilities," and continued, "We will focus support on breakthrough technology development for advanced industry leadership, carbon neutrality, and oversupply issues. By integrating artificial intelligence (AI) into research and development (R&D), we aim to reduce costs and improve the speed and outcomes of technological advancement." He also pledged to provide financial export insurance to strengthen market capabilities, respond to technological barriers, expand anchor companies and manufacturing innovation hubs for small and medium-sized enterprises, and foster full-cycle cooperation between demand and supply companies.
Minister of SMEs and Startups Han Seongsook unveiled plans to enhance competitiveness for fostering leading small and medium-sized enterprises within the manufacturing sector. Minister Han said, "Digital and AI transformation is essential for small and medium manufacturing companies to grow into leading firms," but added, "For most SMEs, even digital transformation, let alone AI, still seems a distant goal." Her plans include supporting smart factories according to the level of transformation, introducing a designation system for specialized companies, enacting the Smart Manufacturing Industry Promotion Act, and establishing an AI support platform.
Meanwhile, the meeting was attended by senior presidential secretary for economic growth Ha Junkyung, Deputy Prime Minister and Minister of Economy and Finance Koo Yooncheol, Minister of Science and ICT Bae Kyunghoon, Saesol Diamond Industry CEO Maeng Juho, and other manufacturing company representatives.
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