MOCIE Has New Chief

Rep. Chung Se-kyun takes over the helm at MOCIE

The Ministry of Commerce, Industry and Energy welcomed its new minister Chung Se-kyun on February 10 this year, succeeding former Minister Lee Hee-beom who left the post in a cabinet shake up announced by President Roh Moo-hyun last month that involved five cabinet ministers.
In his first speech as the new MOCIE minister, Chung outlined the direction that he would take to further propel the Korean economy. He stressed the importance of 'quality growth'which would attempt to bridge the gap that exists between large conglomerates and SMEs, between the metropolitan area and provinces and in other instances of polarization. After decades of remarkable economic growth, the Korean economy is now faced with the task of realizing quality growth to maintain comprehensive development in all aspects of the economy.
To achieve such growth, the new minister said, he would focus on mutual cooperation between businesses, large and small, as well as balanced national development. He emphasized the need for not only the business community but also government officials to do their best to promote the spirit of entrepreneurship.
Taking the helm as the 51st MOCIE minister, Chung will deal with the nation's commercial, industrial and energy affairs, together with Vice Minister for Commerce and Industry Kim Jong-kap and Vice Minister for Energy Lee Won-gul.
In a press briefing, the new MOCIE minister said the ministry would pursue policy objectives that focus on maintaining strong exports and stimulating domestic economy. Minister Chung also stressed the need to address the issue of polarization such as a widening gap between conglomerates and small-and-medium enterprises (SMEs).
The five policy objectives are: To stimulate the economy; To foster a pro-business environment by encouraging corporate R&D activities and further promoting regional growth; To nurture core industries; To secure a stable energy supply; and To facilitate global business activities by enhancing efforts to not only attract foreign investment, but also to encourage Korean companies to invest overseas.
To stimulate the domestic economy, the ministry will encourage companies to increase facilities investment as well as set up legal frameworks to consolidate cooperation between large and small businesses.
In addition, efforts will be made continuously to nurture the nation's future growth engines by strengthening the competitiveness of major industries including automobile, shipbuilding, and semiconductors. In particular, the government will promote high-tech sectors such as the robotics industry and biotechnology.
On the energy front, the Korean government will continue to pursue plans for a smooth shift to a hydrogen economy. In 2004, the government devised a master plan under which Korea would make a transition from a fossil fuel-based economy into a cleaner hydrogen-based one. According to the master plan, the government will be steadily committed to developing new and renewable energy sources including wind power, solar power and hydrogen fuel cells.
Minister Chung has been a National Assembly member since 1996, holding key posts in various parliamentary committees as well as the post of floor leader of the ruling Uri Party. He served as a senior director of the Ssangyong Group before the election to become a lawmaker. He studied for his undergraduate degree at Korea University and did his graduate work at New York University and Pepperdine University in the United States. nw

Commerce, Industry, and Energy Minister Chung Se-kyun.