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Pres. Moon vows to head towards 'Korean road', becomes world leader in parts, materials, equipment
Updated: 2020-07-09 17:07:28 KST
South Korean President Moon Jae-in vowed to head towards the "Korean road", a different path from Japan, to become a leader in the global supply chain by developing the manufacture of parts, materials and equipment.

("We will walk a different road from Japan. We will turn this crisis into an opportunity to become a world power in the materials and parts industry. We seek to cooperate with the international community and contribute to the global supply network. This is the 'Korean road' we hope to advance towards.")

Speaking at a SK Hynix factory in Icheon on Thursday, President Moon said the government has now shifted its protective policies to ones that aim at taking a leap forward in the industry.
He said that just like how K-quarantine has become a global role model, he hopes the nation can lead the world in the parts industry and help revitalize the economy hit hard by the COVID-19 pandemic.

Moon's such remarks come as the Trade Ministry announced the Moon administration's so-called "Materials, Parts and Equipment 2.0" policies.

Under the measures, the government plans to invest around 4.2 billion U.S. dollars in research and development for new growth-engines including semiconductors and biotechnology by 2022.
The government expanded its list of materials, parts and equipment it has been working to develop independently from 100 items to 338 items to reduce the country's reliance on imports.
It will also reduce the time and costs of developing materials by creating a smart logistics platform.
The government also plans to create a special zone for local and foreign high-tech companies and use deregulation and financial incentives to boost high-tech growth.
Kim Mok-yeon, Arirang News.
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