11th Ministerial Meeting on Boosting the Economy
10th Ministerial Meeting on the Economy of 2019
Government to Proceed with Semiconductor Cluster Development
Deputy Prime Minister, Hong Nam-ki, presided over the 11th Ministerial Meeting on Boosting the Economy, that is, the 10th Ministerial Meeting on the Economy of this year, held on March 27. The 11th meeting discussed steps to be taken towards the development of a semiconductor cluster in the Seoul metropolitan area and the outcomes of the government’s deregulation efforts. DPM Hong talked about the current economic situation at the beginning of the meeting.
The following is a summary of DPM Hong’s keynote address.
Current economic situation
The March consumer sentiment index has just been released, showing improvement for a fourth consecutive month. This is a good news when the country’s exports have been weakening and concerns over a global economic slowdown are increasing. The government will work hard for this positive indicator to lead to real economic improvement.
Continue with semiconductor cluster development in the Seoul metropolitan area
The government has decided to develop a large-scale semiconductor cluster in Yongin, a city located in the Seoul metropolitan area. The development projects is expected to attract around 120 trillion won worth of private sector investment over the next 10 years, creating around 17,000 jobs and added value of about 188 trillion won. When completed, a total of four main semiconductor manufacturing facilities will be located in a site as large as about 4.46 million square meters, along with over 50 suppliers. The government will work on regulatory procedures, such as eminent domain and development permit, and work for the construction to begin in 2021.
Outcomes of government’s deregulation efforts
The Ministry of Economy and Finance has looked into whether or not existing regulations are necessary since January 23 when the government adopted a new regulatory system in which government officials are obliged to prove that a certain regulation should exist. The Ministry began with regulations on FX transactions, national contracts and public procurement, and of a total of 272 regulations, 83 have been lifted or improved. The government will continue with these deregulation efforts, other ministries joining in improving their regulations.
Please refer to the attached pdf
