“We will continue with the ‘investment-led growth strategy’ by strengthening three projects aimed at boosting investment, which are to revise regulations, provide incentives and improve the investment environment.”

On Friday, Minister Lee Chang-yang of Commerce, Industry and Energy said the above in his lecture at the 45th Jeju Forum hosted by the Korea Chamber of Commerce and Industry in the city of Seogwipo, Jeju province, showing concerns about weakening growth potential and dynamism. .

Lee diagnosed the country’s current situation that Korea’s level of attractiveness for investment has been reduced due to the worst regulatory environment among OECD countries and the nation ranks 130th out of 141 countries in terms of cooperation between workers and management. “We need a paradigm shift in our industry through a growth-oriented industrial strategy,” said the Minister.

Minister Lee added that expanding business investment is the government’s top priority in its industrial policy, while pointing out that investment can create the effect of killing four birds with one stone, such as revitalizing the economy, create jobs, acquire new technologies and increase productivity. . Regarding regulations, the minister expressed his commitment, saying that “President Yoon and the government will do everything to revamp business regulations. We will see a number of great results.

Ahead of the implementation of the National Strategic High-tech Industry Special Measures Act in August, the minister announced the government’s vision to foster key industries. “We will create future engines of growth and strengthen the foundations for job creation by securing a significant gap with our rivals in sectors such as semiconductors and display,” Minister Lee said. “We will announce the strategies for the semiconductor sector in July and propose measures for key industries in a phased manner.”

During a press conference, the minister also spoke about the labor strike at a subcontracting company of Daewoo Shipbuilding and Marine Engineering. “Representatives of trade unions and management should immediately come to the negotiating table, and the government and relevant institutions should work together, meet halfway,” he said. “We are thinking of ways to help them and create an atmosphere. If unions and management reach an agreement, we will consider ways to provide support from the government or related institutions, including the KDB Industrial Bank.

[email protected]