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News Briefing
Government to help boost investment in emerging industries
Sep 2023
Deputy Prime Minister Choo Kyung-ho convened the Emergency Ministerial Meeting on Economic Affairs and Meeting on Export and Investment Promotion at the Government Complex Seoul on August 17 to discuss measures to tackle bottlenecks that hinder investment in emerging industries.

1. Measures to address challenges in carrying out primary projects of New Growth 4.0 Strategy1)

1) Promptly build data centers utilizing domestically-produced AI semiconductors and significantly expand support for startups to produce prototypes
2) Provide a frequency exclusive for Urban Air Mobility (UAM) and develop a traffic management system for UAM that provides real-time route guidance or weather information starting next year
3) Separate the ownership of electric vehicles from that of batteries to promote battery subscription services, as well as designate used batteries as recycled resources within this year, thus expanding the battery remanufacturing and reuse markets
4) Allow third party sharing of medical data, and allow exceptional use of original video data for the development of autonomous vehicles

2. Regulatory innovation in corporate exports and investments

The government aims to attract investment worth more than 7.2 trillion won by forging ahead with corporate investment projects.

1) Temporarily introduce special provisions for safety testing using liquefied nitrogen to facilitate the early operation of liquefied hydrogen plants and ships
2) Secure a land area of approximately 4.13 million square meters to establish the Osong Advanced Bio-complex Cluster and expeditiously proceed with relevant procedures
3) Revise the standards for electric cargo bicycles to align with global norms, aiming to promote environmentally friendly logistics services
4) Promote global companies’ investments in logistics hubs by modifying related regulations to allow more companies to acquire land in industrial complexes
5) Expand the scope of support available through export vouchers from the current overseas market research, promotion and marketing to include trade insurance and guarantee services

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1) The strategy pursued by the Korean government to secure Korea’s growth engines for future industries.