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2nd Meeting to Promote BIG3

  • DivisionOffice for Innovative Growth - Office for Innovative Growth
  • DateJanuary 8, 2021
  • Tel0260502515

2nd Meeting to Promote BIG3

 

Government to Promote Clean Mobility

 

 

Deputy Prime Minister Hong Nam-ki presided over the 2nd Meeting to Promote BIG3, a subsidiary committee of the Industrial Innovation Meeting, held on January 8.  Plans to promote clean vehicles and fabless manufacturing are main topics of discussion, as well as ways to support domestic manufacturers of rehabilitation equipment and plans to promote ventures in the BIG3 area.  DPM Hong talked about how BIG3 performed in 2020 at the beginning of the meeting.

 

The following is a summary of Deputy Prime Minister Hong’s keynote address.

 

BIG3 fares well in 2020

 

BIG3 fared well last year despite worsening situations at home and abroad.

 

- Sales of electric and hydrogen fuel cell cars rose 33.7 percent from 2019

- Exports of a system-on-a-chip increased 18 percent to reach a record high of US $30.3 million

- Biohealth exports went up 36.9 percent to US $21.5 billion, having exceeded the 2022 target

 

Outlooks for next year are also positive as electric car sales are expected to grow by over 50 percent[1], a system-on-a-chip to increase at between 5 and 7 percent[2] and biohealth to continue a similar positive trajectory as last year[3].  The government will help seize this opportunity and work to provide right support.

 

Promote clean vehicles

 

- Increase the clean vehicle purchase subsidy by 32 percent to 1.4 trillion won for 136,000 vehicles

- Work for electricity efficient vehicles to receive more subsidies

- Make more funding available for small cars[4] in order to speed up a transfer to clean vehicles

- Increase subsidies for electric taxis, and introduce a funding program for hydrogen fuel cell trucks and a fuel support for hydrogen fuel cell buses

 

Promote fabless manufacturing

 

- Expand SW design support

- Help with an access to semiconductor IP cores, such as by setting up a semiconductor IP bank

- Help with developing a prototype:  Increase the multi-project wafer support from 150 million won in 2020 to 250 million won in 2021

- Strengthen the system-on-a-chip design center and work to build an AI chip design center

 

Promote the use of domestically-made rehabilitation equipment

 

- Introduce a program through which Korean-made rehabilitation equipment can be introduced to patients at hospital rehabilitation centers

- Streamline the procedure manufacturers are required to take to provide rehabilitation equipment to hospitals

- Increase the EDCF loans for medical equipment to help with exports

 

Promote BIG3 ventures

 

A total of 250 BIG3 ventures have been selected for government support, BIG3 R&D programs having been introduced.  Over 2021, the government will

 

- Raise a total of 500 billion won worth of BIG3 venture funds, investment starting in the third quarter

- Promote cooperation between car manufacturers and startups, and cooperation among pharmaceutical companies, hospitals and startups

- Work to build a center to help with sharing laboratories and research equipment

 

[1] By Bloomberg

[2] By WSTS

[3] By Marketline

[4] 100 percent funding for cars priced 60 million won or cheaper, and 50 percent for those between 60 million won and 90 million won

 

Please refer to the attached pdf

 

Ministry of Economy and Finance
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