SEOUL, December 12 (AJP) - South Korea’s government will unveil a three-year plan next week aimed at strengthening supply chain resilience for strategic industries like semiconductors and batteries.
The initiative will focus on building up public stockpiles, expanding domestic production, and diversifying import sources.
“Industrial competitiveness enhancement is an essential task that cannot be halted under any circumstances,” Deputy Prime Minister and Finance Minister Choi Sang-mok said at a recent ministerial meeting.
To achieve these goals, the government will employ a three-pronged approach, utilizing a supply chain stabilization fund, the Corporate Vitality Enhancement Act, and tailored customs policies. The minister also indicated a willingness to relax business restructuring standards for industries facing global oversupply challenges, such as petrochemicals, and to impose anti-dumping duties when deemed necessary.
Addressing concerns about potential trade friction with the United States, Choi pledged to initiate immediate discussions to develop specific cooperation plans, particularly in shipbuilding, defense industries, and MRO (maintenance, repair, and operations) services.
During a visit to Hanwha Ocean’s R&D facilities, the finance minister reaffirmed the government’s commitment to supporting the shipbuilding industry through budget allocations for core technology development and tax incentives for eco-friendly vessel technology research.