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The Korean government decided to focus on supporting ten new growth engine projects, including electric cars, solar cell and system semiconductor sectors.?
The Ministry of Knowledge Economy, the Ministry of Strategy and Finance and the Ministry of Education, Science and Technology reported the plan to the president at a joint strategy meeting on April 14 at Cheong Wa Dae.
Since January 2009, the government has focused on supporting 17 selected new growth engine sectors, including green technology, high value-added industry and IT convergence systems, with nearly 8.8 trillion won in investment. The country has also been providing multidimensional support in the selected sectors by enacting and revising 39 related pieces of legislation, including the Framework Act on Low Carbon, Green Growth, and by providing financial support for and nurturing highly skilled human power.
From this year on, the has government decided to concentrate on supporting only ten selected strategic projects in order to produce an early outcome in these sectors.
At the meeting, President said, “The government needs to respond to changes in the new growth engine industries in a timely manner because the new growth engine sectors are essential for the country’s survival.”
The ten projects are fourth generation mobile communications, system semiconductors, biotechnology, the cultural contents industry, electric cars and related infrastructure, offshore wind energy power, thin film solar cells, energy efficient buildings and water treatment technology.
To maximize the results of the selected projects, the Ministry of Knowledge Economy will focus on localization of devices for the semiconductor, display, LED technology, transportation, biotechnology, medical and broadcasting sectors.
The ministry will also ease regulations on businesses and technologies related to the new growth engine sectors and set up support measures for service sectors, similar to what already exists for the manufacturing sector. It will also improve the investment environment by enhancing financial support infrastructure for the new growth engine sectors.
The Finance Ministry will provide a 6.5 trillion won in policy funds, including loans, guarantees and other financial support this year for local firms in the new growth engine sectors.
The government has expanded its investment target sectors to the service sector, including contents and software industries. In the past, the government focused on investing mainly in manufacturing firms. It will also launch a special fund for the service sectors of the new growth engines, including IT convergence service and R&D service.
The government will also establish a special fund to support the contents industry in order to help spread Hallyu, the Korean wave, overseas.
In order to meet the demands of the new growth engine sectors, the Education Ministry will improve the education system and nurture talented human resources. To this aim, the ministry will introduce special five-year combined bachelor’ and masters courses and expand the supply of human resources in cooperation with universities and industries.
