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Gov't announces plans to boost manufacturing sector

Gov't announces plans to boost manufacturing sector
산업부, 제조업 르네상스 비전 및 전략 발표The trade ministry has announced greater details on measures to revitalize the country's manufacturing sector.All part of efforts to transform South Korea into the world's fourth-largest exporter. Kim Hyesung outlines what the plan involves. Restructuring existing industries, finding new growth engines, nurturing talent and attracting more investment.That's the government's plan to boost its manufacturing sector,... which accounts for nearly a third of the country's GDP,... but is hobbled by its stagnant automobile and shipbuilding industries,... and a lack of new businesses to drive future growth. The government's goal is to raise the proportion of value-added industries in manufacturing... from the current 25 percent... to the OECD average of around 30 percent. To nurture new industries and develop new products,... the government will push for structural changes... by introducing more smart factories, as well as AI and robots. In particular, the government will invest over seven billion US dollars in three new industries... including future cars, non-memory chips, and biotech. "To push for qualitative growth in manufacturing amid fiercer global competition, government support and investment is important. But with convergence between manufacturing, services and IT becoming the new trend in the Fourth Industrial Revolution, easing regulations in Korea is actually more important to boost innovation."In fact, the Korea Chamber of Commerce and Industry's poll on 500 local manufacturing firms Tuesday... shows that two out of three surveyed... haven't found new businesses to drive sustainable future growth.They are also losing competitiveness,... caught in between firms from advanced countries and emerging economies. The trade ministry said it will develop a detailed plan to boost the country's manufacturing sector,... by nurturing talent in engineering and manufacturing,... and providing tax incentives as well as financial support... for startups and mid-sized firms.Kim Hyesung, Arirang News.

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