Korean Economy News
S. Korea details roadmap on becoming bio, green vehicle and system chip power

In latest action plan to empower green vehicle, bio and system semiconductors, South Korea will aim to put 380,000 future vehicles on roads within two years and achieve $20 billion in annual exports in bio and healthcare.

The government on Monday discussed policy directions for three promising sectors – future vehicles, bio health, and system semiconductors.

In the future vehicle sector, the government envisions supplying 380,000 future vehicles by 2022. It will also aim to transform 470 component manufacturers into those dedicated to future vehicles and establish autonomous infrastructure to enhance industry ecosystem.

It will expand the number of hydrogen charging stations to over 110 units by the first half of next year.

In densely-populated areas in the capital area, where it is difficult to setup charging stations in a short period of time, the government will come up with plans to arrange vehicle-type mobile charging stations.

The charging stations will be set up in public space. The government will also improve green belt site regulation to allow charging stations to be built in taxi, chartered bus, and truck garages.

In the bio health sector, the government set target for an annual export goal of $20 billion and to secure 3 percent of the global market. Its plan also includes opening up health and medical big data and creating bio fund.

The government will also launch a 2.2 trillion won ($1.99 billion) worth novel drug research & development project. It will also mull reducing emission trading burden by providing incentives to those that apply outstanding technology to reduce greenhouse gases when building new or expanding facilities in the bio sector. Cold chain bio medicines such as vaccines will be designated as aviation special security check items to allow simplified security procedure.

In the system semiconductor sector, the government aims to secure 18 percent of global foundry industry and 2 percent of fabless market.

“Next year, we must overcome economic crisis and prepare for new economy and social structure after Covid-19,” said finance minister Hong Nam-ki. “The big 3 sectors will be nurtured with a goal to secure No. 1 competitiveness in each sector.”

By Lee Eun-joo

[? Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]?

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