Trade, Industry and Energy Minister Moon Sung-wook announced at the 5th Cabinet meeting held on Janaury 25 the passing of the legislative bill for the National High-Tech Strategic Industries Special Act.

The Special Act aims to nurture and protect Korea’s high-tech strategic industries for building national and economic security as well as gaining high-tech competitiveness, and its details are as follows:

1) Form a National High-Tech Strategic Industries Committee under Prime Minister, and formulate Basic Plan on 5-year basis for the nurturing and protection of strategic industries

2) Designate strategic technologies for strategic industries development and for securing national and economic security

3) Roll out across-the-board support for strategic industries, in areas of investment, R&D, human resources, etc.

4) Provide support in terms of regulatory revisions and corporate solidarity for invigorating the strategic industries ecosystem

5) Apply partially tightened protection measures regarding the export and M&As of strategic technologies

Minister Moon emphasized the importance of nurturing and protecting national high-tech strategic industries in today’s competitive environment where major countries are aggressively strengthening their high-tech industries. He added that the Ministry will pursue “seamless follow-up measures and active communication with relevant industries in order to promptly assist the capacity building process in step with legislative enforcement in H2.”