Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-cheol announced plans to swiftly unveil a recovery strategy for youth employment in response to ongoing job market challenges. The government aims to implement tailored measures for the manufacturing and construction sectors while promoting corporate investment centered around three major mega projects to create quality jobs.
On August 13, Koo convened a meeting at the Government Seoul Complex, which included the Emergency Economic Headquarters, the Economic Relations Ministers' Meeting, and the Task Force for Special Management of Living Prices. The agenda included discussions on the response to the Middle East conflict, measures to stabilize prices and supply of agricultural and marine products amid heatwaves and droughts, and support for innovation and investment in businesses.
Last month, the number of employed individuals increased by 108,000 compared to the same month last year, marking a two-digit growth for the first time in four months. The increase followed a decline of 40,000 in May, with subsequent gains of 63,000 in June and 108,000 in July.
However, employment challenges persist among youth and in the manufacturing and construction sectors. The prolonged conflict in the Middle East, along with heatwaves and drought in some regions, are cited as potential risks to employment and prices.
Koo stated, “The government will promptly prepare and announce a recovery plan for youth employment and will also develop tailored employment measures for struggling sectors such as manufacturing and construction.”
He emphasized the need to accelerate the three mega projects while creating a virtuous cycle where corporate investment leads to enhanced growth and the creation of quality jobs favored by young people.
The government will support the activation of delayed on-site projects that have been stalled due to regulatory issues despite corporate demand. In the Gumi and Pohang national industrial complexes, the government will allow not only the establishment of secondary battery manufacturing but also the entry of secondary battery resource recycling businesses, aiming to attract approximately 100 billion won in new investments.
For large-scale industrial complexes like the Yongin semiconductor cluster, the government plans to improve the system to allow separate permits for factory expansions, independent of existing building permits. This change is expected to facilitate the swift execution of around 25 trillion won in investments.
In the Ochang Science Industrial Complex, a bio company will be allowed to expand its factory using adjacent land, supporting approximately 530 billion won in new investments.
Safety standards for industrial robots will be revised to encompass new types, including collaborative and mobile robots. The government will introduce performance-based fire safety design using computer simulations for six key advanced strategic industries: semiconductors, secondary batteries, displays, biotechnology, robotics, and defense.
To support new industries and 100% renewable energy (RE100) demand, the limit for designated restricted business zones within industrial complexes will be expanded from the current 30% to 50%.
The government is also responding to supply instability in agricultural and marine products due to heatwaves and droughts. It plans to invest 2.2 billion won in discounts for fertilizers and nutrients for cabbage, radishes, fruits, and vegetables, and increase the budget for high-temperature response equipment in aquaculture from 5.8 billion won last year to 9.4 billion won this year.
Depending on supply conditions, the government plans to release stockpiled cabbage and radishes into the market and offer discounts of up to 50% on major agricultural and marine products until the Chuseok holiday.
The second phase of the 'Everyone's Startup' project will also begin recruitment this month. The government plans to select 10,000 successful candidates in early October, followed by regional auditions and a national competition to determine the final winner. By November, mentoring will be provided through 170 specialized incubation institutions, and specialized leagues will be operated for global, university, youth, and social ventures.
* This article has been translated by AI.
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