Legislation to Support Petrochemical and Steel Industries
Full-Scale Promotion of Industrial Restructuring and Transition to Carbon Neutrality
Won Ki Kim, Member of the National Assembly.
Kim Won-i, a Member of the National Assembly from the Democratic Party of Korea (serving as secretary of the Trade, Industry, Energy, SMEs, and Startups Committee and representing Mokpo), has sponsored two special bills aimed at driving industrial transformation in the eastern region of South Jeolla Province.
On November 4, Assemblyman Kim announced that he had submitted to the National Assembly the "Special Act on Strengthening the Competitiveness and Support of the Petrochemical Industry" and the "Special Act on Strengthening the Competitiveness of the Steel Industry and Transitioning to Carbon Neutrality."
This marks his first legislative action to fulfill his promise to lead the industrial transformation of South Jeolla Province after being elected as the provincial party chairperson.
The two bills focus on providing legal foundations for the government to directly and systematically promote industrial transformation and support domestic industries facing crises due to global supply chain instability, the strengthening of protectionist measures, and carbon neutrality regulations.
The Special Act on the Petrochemical Industry stipulates that the government must establish and implement a comprehensive plan to enhance the competitiveness and structural advancement of the petrochemical industry. It also calls for tax and fiscal support, as well as regulatory exemptions for companies undergoing industrial restructuring, to expedite these processes. In addition, it specifies the retroactive application of exemptions for joint activities, includes special provisions under the Urban Gas Business Act, and mandates the establishment of a statistical system.
The Special Act on the Steel Industry requires the Minister of Trade, Industry and Energy to establish a master plan every five years and an annual implementation plan, and calls for the establishment of a Special Committee for Strengthening Steel Industry Competitiveness under the Prime Minister to create an integrated national management system. Notably, it includes institutional support measures such as a "low-carbon steel" certification system, designation of special low-carbon steel zones, regulatory improvement exemptions, and the fostering of specialized leading enterprises.
Assemblyman Kim stated, "The survival of industries is essential for the survival of local communities, and the survival of local communities is essential for the survival of Korea. These two bills will serve as a legislative foundation to transform the petrochemical and steel industries in the eastern region of South Jeolla Province into new engines of growth, thereby driving industrial transformation and balanced regional development."
He added, "As the secretary of the Trade, Industry, Energy, SMEs, and Startups Committee and chairperson of the South Jeolla Provincial Party, I will do my utmost to ensure the success of the Lee Jaemyung administration and the great transformation of South Jeolla Province."
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