Ministry of Trade, Industry and Energy establishes a new Semiconductor Innovation Growth Support Group... Dedicated to mega projects

The Cabinet meeting passed a resolution to revise the organization... India Trade Cooperation Department also launched

(Seoul = Yonhap News) Reporter Jang Bo-in = A dedicated organization will be established in the Ministry of Trade, Industry and Energy to support mega projects in the semiconductor field and strengthen the competitiveness of the semiconductor industry.

The Ministry of Trade, Industry and Energy and the Ministry of Public Administration and Security announced on the 13th that the 'Decree to partially revise the organization of the Ministry of Trade, Industry and Energy and its affiliated organizations', which includes the establishment of the Semiconductor Innovation Growth Support Group and the Indian Trade Cooperation Department, was passed at the Cabinet meeting. The amendment will take effect on the 20th.

The newly launched Semiconductor Innovation Growth Support Group is a director-level organization to systematically promote new legal affairs and semiconductor mega projects created by the enforcement of the Special Act on Semiconductors.

It is comprised of the Semiconductor Policy Department, Advanced Semiconductor Department, and Semiconductor Ecosystem Department, and performs functions such as semiconductor policy planning, strengthening the competitiveness of advanced semiconductors, and supporting the semiconductor industry ecosystem, including the head of the semiconductor department (materials, components, and equipment).

In particular, we support the rapid implementation of mega projects in the semiconductor field, including the southwestern semiconductor cluster.

The plan is to carry out new legal tasks without a hitch, such as establishing a basic plan to strengthen the competitiveness of the semiconductor industry in accordance with the Special Act on Semiconductors, operating a special committee to strengthen the competitiveness of the semiconductor industry, and designating and supporting clusters.

The Indian Trade Cooperation Department was established to respond to the increased cooperation tasks following the summit diplomacy between the two countries in April, including the establishment of the Korea-India Industrial Cooperation Committee, resumption of negotiations to improve the Comprehensive Economic Partnership Agreement (CEPA), and energy and resource security cooperation.

The Ministry of Trade, Industry and Energy plans to expand industrial and investment cooperation with India through the Indian Trade Cooperation Department.

In addition, we will help Korean companies enter the Indian market, expand local business, and resolve difficulties, while strengthening cooperation channels between governments.

Minister of Trade, Industry and Energy Kim Jeong-kwan said, "As the competition for semiconductor hegemony intensifies, we will support corporate investment and technological innovation in mega projects through the Semiconductor Innovation Growth Support Group and further solidify our semiconductor competitiveness."

He added, "We will continue the momentum of cooperation established at the summit, centered on the Indian Trade Cooperation Department, into practical results for our companies."