11th Meeting to Promote BIG3
BIG3 Potential Seen Considerable with Strengthened
Korea-US Cooperation Expected in High-tech Areas
Deputy Prime Minister Hong Nam-ki presided over the 11th Meeting to Promote BIG3, a subsidiary committee of the Industrial Innovation Meeting, held on June 10. Measures to promote current auto supplies’ transition to future car supplies were main topics of discussion, along with plans to support semiconductor industries and clinical trials of new medicines. DPM Hong talked about the great potential of BIG 3 following the recent Korea-US summit which will bring about closer Korea-US cooperation in semiconductors, batteries and vaccines.
The following is a summary of Deputy Prime Minister Hong’s keynote address.
Great potential of BIG3 following the Korea-US summit
Korea’s semiconductors, batteries and biohealth industries are set to get stronger with the Korea-US cooperation pledged, each expected to become a hub of the respective global supply chain. Recent developments taking place are as follows.
- Batteries: Joint investment to be made by local battery suppliers and multinational auto makers, such as by Korea’s LG Energy Solution and US’s GM, and Korea’s SK Innovation and US’s Ford
- Semiconductors: Investments made during the Q1 reaching the world’s largest (US $7.3 billion), investment decision worth 510 trillion won made as part of the K-semiconductor Initiative and a total of US $18 billion worth of investment announced to be made in the US
- Biohealth: Technology exports growing substantially, and COVID-19 vaccines soon to be developed by Korean companies, as well as the contract production made with a US biotechnology company
As the outcome of the US supply chain review shows, which covers the four key areas of semiconductors, batteries, pharmaceuticals and rare-earth elements, BIG3 is critical for the future and the government will put an emphasis on those industries in its second half economic policies.
Encourage auto suppliers to fit into future car manufacturing
The government will do the following for a fast transition of the car supplies sector from the old to the new.
- Transform 1,000 suppliers by 2030: Provide auto suppliers with business consulting services, and run a Smart Bridge project to match part manufacturers and ventures
- Promote the export of future car parts: Support joint R&Ds by manufacturers and suppliers, as well as strategic part development, such as automotive semiconductors, and help with overseas marketing efforts
- Work to announce across-the-board measures by September, which will cover R&D financing, building of an information sharing system and developing qualified human resources
Support semiconductor industries through fast feasibility study
The government will adopt a fast feasibility study to the following projects.
- Infrastructure projects: Construction of a large-scale test bed in a part manufacturing cluster and of high-tech packaging platforms in the central part of the country
- New technology development projects: Development of processing-in-memory (PIM) chips and sensory devices (K-Sensor), as well as joint public-private job training programs
Help with clinical trials of new pharmaceutical products
- Smart clinical trial system: Build a system via which volunteers can apply, data are collected and big data analyses are available
- Large-scale clinical trials: Establish networks by major hospital and by disease to help find volunteers for large-scale trials
- Others: Promote the training for future clinical trial experts, finance trials with public funds and build a clinical trial support center in the Boston BioValley to help Korean companies enter the US market