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S. Korea vows to revitalize manufacturing sector amid protectionism

According to Yonhap News,

By Kang Yoon-seung SEOUL, Dec. 5 (Yonhap) -- South Korea said Thursday it will spare no efforts to support local manufacturers in overcoming the growing protectionism around the globe and revamp related policies to provide them with more leeway in rolling out investment.

"Despite the difficult business environment, we need to overcome various hurdles and challenges to maintain and beef up our competitiveness as a manufacturing powerhouse," Industry Minister Sung Yun-mo said during a meeting with business executives in Seoul.

Participants included officials from Samsung Electronics Co., SK hynix Inc. and steelmaker POSCO.

"We need to establish an industrial structure which can remain steady amid changes in the global trade order, such as growing protectionism," Sung added.

South Korea said it will make efforts to foster new industries -- such as environment-friendly vessels and future automobiles -- that can replace traditional mainstay segments like semiconductors.

In line with the efforts, South Korea said it will simplify the process of winning approval for making investment in new industries for local companies.

They will be provided with tax cuts and subsidies as well, it added.

"We need to apply key technologies of the fourth industrial revolution, such as artificial intelligence and big data, along with the enforced global environment regulations on all sectors and industries," Sung added.

Outbound shipments of Asia's No. 4 economy slipped 14.3 percent in November from a year earlier to extend their slump to a 12th consecutive month amid the protracted trade row between the United States and China.

Source Text

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Source: Yonhap News (Dec. 5, 2019)

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