On the 31st, Deputy Minister Jeong In-kyu of the Ministry of Trade, Industry and Energy visited the LG Science Park to listen to the opinions of our export industry and discuss countermeasures. This shows a commitment to strengthen communication within the industry, focusing on advanced industries such as home appliances, displays, and secondary batteries.
LG Science Park is a key base where technological innovations of our export items such as home appliances, displays, secondary batteries, and materials and parts are taking place.
On this day, Deputy Minister Jeong focused on the products that won awards at the Consumer Electronics Show (CES), prototypes incorporating new technologies, and wireless organic light-emitting diode (OLED) TVs. He noted that "continuous technological development and innovation are fundamental answers to overcome the rapidly changing global trade and commerce environment" and added, "If we have technological capability even during a crisis, we can seize new opportunities." Jeong Soo-hun, CEO of LG Science Park, also expressed his commitment, stating, "We will find a new way forward by overcoming the current uncertainty through product premiumization and differentiation."
Corporations attending the meeting that day suggested once again that the government should play an active role to minimize the impact of the tariff measures by the new U.S. administration under Donald Trump on our industry.
Deputy Minister Jeong stated, "We are continuously consulting to protect our corporations' interests as much as possible regarding the U.S. tariff measures, which are the primary concern for our companies," adding, "We are also making thorough preparations to respond to the U.S. mutual tariff announcement on April 2."
The government will support a record high of 57 trillion won for research and development (R&D) in the industrial and energy sectors this year. The plan is to primarily support projects aimed at maintaining a competitive edge so that our corporations can challenge the world's best.
Additionally, to proactively explore the Global South market, efforts to discover alternative markets will continue, including the establishment and strengthening of 14 bases for Korea Trade-Investment Promotion Agency (KOTRA), Korea Trade Insurance Corporation, and Korea International Trade Association.
The government plans to mobilize all available channels, such as the 'Trade and Commerce Issues Meeting' and the 'Export Field Support Group,' to continue multifaceted efforts to resolve the challenges faced by our export industry.