The Ministry of Trade, Industry and Energy announced on the 27th that it will implement the "Guidelines for Expanding Overseas Plant Expansions" starting from the 28th to operate and manage the overseas plant expansion project more efficiently.
Until now, this project has been operated without dedicated integrated management regulations, based on various relevant general laws such as the "Act on the Management of Subsidies" and the "Comprehensive Management Guidelines for National Subsidies by the Ministry of Trade, Industry and Energy." Therefore, there have been opinions that a clear guideline is necessary for relevant parties such as dedicated agencies and subsidy application corporations to operate or participate in the project.
With this enactment of guidelines, the Korea Trade-Investment Promotion Agency (KOTRA), the Korea Institute for Advancement of Technology (KIAT), the Korean Plant Industry Association, and the Korea Machinery Industry Association have been recognized for their status as dedicated agencies, enabling stable operations of the project. Plant companies wishing to participate in the project will now be able to join through a clear application procedure, enhancing the transparency and predictability of project operations.
Jung In-gyo, the head of the Ministry of Trade, Industry and Energy's Trade Negotiation Headquarters, evaluated that "The establishment of these operational guidelines has laid a systematic foundation to support our corporations in winning overseas plant contracts." He also noted, "We will spare no effort from the government's side to continue collaborating with key countries such as those in the Global South to achieve our plant order target of $35 billion this year."