Amid a global semiconductor shortage, President Moon Jae-in says that South Korea aims to become the world's market leader.
During an expanded meeting of economy-related ministers on Thursday, President Moon called the semiconductor industry a "core national strategic industry," and pledged to keep South Korea at the very top despite fierce competition.
"We will strongly support the leap forward as a comprehensive semiconductor powerhouse by taking advantage of the "semiconductor super cycle" that the world is facing right now."
Other nations around the world, such as the U.S. and Japan, are also competing to become the leader of the world semiconductor market by trying to reassemble the global supply chain for it to be centered around their own country.
But, the South Korean government will announce its strategy to support the country's semiconductor and battery industry within the first half of this year.
This includes a system to improve the weak supply chain, readjusting the amount of tax deduction for research and development as well as for investment in manufacturing facilities.
For the automotive industry, the government will come up with ways to support the development of secondary batteries for eco-friendly vehicles as well as to foster industry experts.
For the nation's shipbuilding industry, which accounts for more than half of the world's orders, the government will boost labor forces needed, and help with the digitalization and greenification of ships.
President Moon has also ordered ministers to loosen excessive regulations on companies that could stifle innovation.
The government seeks to cooperate with diverse industries in order to open a new era for South Korea's manufacturing industry.
Hong Yoo, Arirang News.