Seoul: President Lee Jae Myung on Wednesday pledged to expand policy support for the manufacturing industry to help boost economic growth and create jobs. Lee made the remarks during a meeting with chief executives of small and medium-sized enterprises (SMEs) at Saesol Diamond, a semiconductor tool manufacturer based in Ansan, just south of Seoul.
According to Yonhap News Agency, Lee emphasized the importance of the manufacturing sector in employment, highlighting the need for small but robust firms and competent manufacturers to continue their growth and development. "Our government is paying keen attention to this and is making efforts to provide support," Lee stated. He underscored the dual tasks facing South Korea: recovery and sustainable growth to enhance people's livelihoods.
Lee noted the ongoing efforts to return to normalcy amid rapid economic recovery. "Many things have been abnormal, and we are in the process of restoring them to normal. We are in a stage of rapid recovery," he remarked.
The meeting, attended by ministers of finance, science and ICT, industry, and SMEs, saw executives from 10 manufacturing companies express concerns about the rapid rise of Chinese competitors. They requested active government support and investment in transforming manufacturing through artificial intelligence (AI).
Lee reviewed support measures and urged related ministers to consider additional steps, including utilizing a fund of funds. This policy instrument channels investment into startups, venture firms, and SMEs, as explained by presidential spokesperson Kang Yu-jung.
Addressing fears about potential job losses from the AI transition, Lee stressed that the adoption of advanced technologies would also create demand for workers to manage, design, and operate systems, as well as generate new types of employment.