On November 27, Deputy Prime Minister Choi Sang-mok convened the Ministerial Meeting on Strengthening Industrial Competitiveness at the Korea Semiconductor Industry Association (KSIA) to discuss following agenda items:

◆ Operational plan for the Ministerial Meeting on Strengthening Industrial Competitiveness

◆ Impact analysis and response strategies for major industries

◆ Measures to shore up support for the semiconductor ecosystem

◆ Plans for early development of an AI innovation ecosystem

DPM Choi noted that the Korean economy and industry is currently facing unprecedented challenges, including global environmental changes driven by the inauguration of a new U.S. administration, intensified competition from emerging countries, and the accelerated restructuring of global supply chains; under these circumstances, the government will no longer merely serve as a “supporter” from behind but will run alongside businesses as a “player” to ensure that Korean companies achieve superior results in the global industrial competition.

In light of recent global environmental uncertainties, including the inauguration of a new U.S. administration, effective risk management for key industries has become increasingly crucial. The government is engaging closely with various industries to identify risks and opportunities while developing response strategies. With regards to the automobile, battery, and steel industries, as there are concerns over the potential reduction of incentives and changes in the export environment under the Inflation Reduction Act (IRA), strengthened efforts will be made to address these uncertainties by mobilizing comprehensive cooperation channels to mitigate risks for local companies. As for the semiconductor industry, the government will review the progress of overseas investment projects and seek measures to minimize associated risks. At the same time, the government will strive to promptly advance cooperation agenda with the U.S. on the shipbuilding industry, as the industry has significant potential for bilateral partnership, considering Korea’s outstanding shipbuilding capabilities, maintenance expertise, and the current state of U.S. shipyards.

Concerted efforts will also be accelerated to establish an AI innovation ecosystem at an early stage by investing in AI computing infrastructure through the “National AI Computing Center Construction” project, with a total budget of 4 trillion won by 2030.

Going forward, the government plans to continue to hold the Ministerial Meeting on Strengthening Industrial Competitiveness to discuss the direction of industrial policies in collaboration with industry experts.

Please refer to the attached files.