Held an export investment meeting.
▲Deputy Prime Minister for Economy and Minister of Strategy and Finance, Kyong-Ho Choo, speaks at the ‘Emergency Economy Ministers’ Meeting and Export Investment Measures Meeting’ held at the Seoul Government Complex in Jongno-gu, Seoul on the morning of the 21st. Reporter Cho Hyun-ho hyunho@
Deputy Prime Minister and Minister of Strategy and Finance Choo Kyung-ho announced on the 21st, “We will focus our policy capabilities to further strengthen the export competitiveness of our industry and create a favorable environment for companies to invest, while focusing all our efforts on stimulating exports and investment.”
“The government will not let go of tension and will ensure that some recent positive trends can lead to a quick and strong rebound of our economy,” said Deputy Prime Minister Choo in his opening remarks at the emergency economic ministers’ meeting and export investment countermeasure meeting presided over at the Seoul Government Complex that day. He said this.
Deputy Prime Minister Chu explained that recently, while prices and employment have been relatively stable in the Korean economy, domestic demand is also showing a gradual recovery trend, and exports and current account balance are showing some positive signs.
Regarding the new industrial growth strategy through the revitalization of the circular economy, which was discussed at the meeting, Deputy Prime Minister Chu said, “Circular economy, such as the circular use of waste, is attracting attention as a key means to achieve carbon neutrality and as a new growth model.” The impact of circular economy capabilities on export competitiveness in key industries is expanding.”
He emphasized, “We will quickly spread the circular economy to our industry so that it can become a new growth engine.”
To this end, the government plans to collectively designate economical waste resources, such as iron scrap and used batteries, as circulating resources that are exempt from waste regulations without applications from individual companies.
A stable supply chain of raw materials processed from waste resources is also established, which promotes technological cooperation between large companies and small and medium-sized suppliers that have a demand for waste resource utilization and supports joint investment in treatment facilities.
Leading projects to strengthen the circular economy competitiveness of nine core industries, such as petrochemicals, steel, automobiles, and machinery, are also promoted.
In this regard, Deputy Prime Minister Chu explained, “For example, we will amend the Petroleum Business Act so that waste plastic can be used as a raw material for the oil refining process, and through R&D support, we will recover lithium and nickel from used batteries so that they can be used.” .
“We will also solidify the foundation for revitalizing the circular economy, such as creating a circular economy cluster and preparing a system for fostering star companies,” he added.
Deputy Prime Minister Choo also said, “We will actively support the supply of a total of 5.6 trillion won to the private sector by 2027 for future growth industrialization in the agri-food sector.”
The agri-food sector is becoming more value-added with smart agriculture and food tech, but it is based on the judgment that private investment is still insufficient compared to other industries.
In response, the government plans to actively invest in young farmers and startups by creating funds dedicated to the agri-food sector, including a pure private fund of 300 billion won and a private-government matching fund of 1 trillion won.
In addition, private financial institutions such as the National Agricultural Cooperative Federation will be supported to supply 4.3 trillion won in loans to promising agricultural enterprises by 2027.
It also supports strengthening the capacity of agricultural management organizations by improving related regulations so that non-farmers can participate as founders or executives of agricultural management organizations and demonstrate their expertise.
On this day, plans to promote the establishment of ‘deep science’, which means basic science fields such as quantum, nuclear fusion, and synthetic biology, were also discussed.
Deputy Prime Minister Chu said, “We will actively support start-ups and commercialization using R&D achievements in the field of deep science.” We will establish and operate a start-up R&D support program.”
“We will support challenging startups and rapid scale-up by utilizing R&D special zone funds and public technology commercialization funds, and we will ensure that researchers who contributed to startups through technology transfer receive technology fees in stocks, etc. in addition to cash,” he added. .
In addition, he said that he would improve the performance distribution system by specifying in related regulations so that private technology trading institutions that supported technology transfer or start-up can receive fair compensation.