▲ Minister of Trade, Industry and Energy Kim Jeong-gwan giving a lecture at the KCCI Jeju Forum
Minister of Trade, Industry and Energy Kim Jeong-gwan stated, "The fact that the semiconductor industry is booming does not mean the entire society is experiencing a boom."
During a policy lecture at the Jeju Forum hosted by the Korea Chamber of Commerce and Industry (KCCI) in Jeju today (July 16), Minister Kim pointed out, "Most companies outside of the semiconductor sector are facing significant difficulties. People might think that our entire corporate sector is thriving, but that is not the case at all."
He further added, "Even for semiconductors, we do not know if this market will continue," noting that "while some say the current semiconductor industry is in a structural boom, it is a historical truth that no industry has a permanent business."
Minister Kim warned, "We are currently in a time where the landscape is shifting. If we do not stay alert and respond accordingly, even successful companies, industries, and nations can fall."
Accordingly, Minister Kim proposed artificial intelligence (AI), regional development, and ecosystems as the three key areas for an economic rebound.
Minister Kim said, "If AI is the new landscape opening a new era, the regions are the space to contain the AI era. Without reviving the regions in this landscape, there is no future for our economy."
He emphasized the need for regional investment by comparing the capital region to a large tree and the provinces to saplings.
He remarked, "A large tree may not show signs of distress if it goes a day without water, but a sapling will wither away. To look far and go the distance, we must prepare more, and that is what regional investment is."
He also noted, "Investing in the provinces while leaving the capital region behind is a massive political gamble. Nevertheless, investing only in the large tree of the capital region has limitations in rebounding our faltering economic growth."
Minister Kim added, "In the era of AI, there is almost no company that can succeed alone. You need partners, you must conduct research and development together, and the government and local authorities must also collaborate. Such an ecosystem is the power that will lead the AI era."
To this end, he introduced the Manufacturing AI Transformation (M.AX) policy for industrial complexes currently being pursued by the Ministry of Trade, Industry and Energy.
Minister Kim said, "Although Korea did not invent the internet, we utilized it better than any other country. While AI was created by the U.S. and China, Korea is in the best position to utilize it effectively due to our abundant manufacturing data."
He also highlighted the importance of integrating generations and social classes in the process of building an ecosystem through M.AX.
Minister Kim pointed out, "The younger generation is the most capable of utilizing AI, but they are also the generation most afraid of losing their jobs. The older generation must embrace them so that young people can participate in the ecosystem. If we do not resolve conflicts between classes and regions, the ecosystem will not be possible."
Minister Kim concluded, "While AI, regional development, and ecosystems are the keys to success, the true battlefield is the global market. The government will sincerely cheer for and support companies as they adopt AI, invest in the regions, build ecosystems, and expand into the global market."
(Photo: Provided by KCCI, Yonhap News)
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