Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol (second from right) speaks at a meeting of the Emergency Economic Headquarters and the ministerial meeting on economic and industrial competitiveness held at Government Complex Seoul in Jongno-gu, Seoul, on Wednesday. [Yonhap]
Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol (second from right) speaks at a meeting of the Emergency Economic Headquarters and the ministerial meeting on economic and industrial competitiveness held at Government Complex Seoul in Jongno-gu, Seoul, on Wednesday. [Yonhap]

State-run research institutions will mobilize to provide research support for the successful advancement of three mega-projects — semiconductors, AI data centers and physical AI.

Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol said Wednesday at a meeting of the Emergency Economic Headquarters and the ministerial meeting on economic and industrial competitiveness, held at Government Complex Seoul, that state research bodies would form a joint dedicated research support team to actively assist in policy development and corporate activities related to the three mega-projects.

The research support team will draw on experts from the National Research Council of Humanities and Social Sciences, the National Research Council of Science and Technology, and academia and industry. The team will establish technology support TFs for each project to devise development strategies linked to various economic and social sectors.

On the recent renewed rise in tensions in the Middle East, Koo said the government would "maintain a high level of vigilance and thoroughly monitor and respond to changes in the Middle East situation and their impact on each sector of our economy, given that external uncertainty is higher than ever."

He said crude oil and naphtha supplies had been secured above last year's levels through August, and that inventories of key items including naphtha derivatives remained stable. The government was also working to secure additional supplies from September onward, he added. "We will spare no effort in managing energy supply and demand and supply chains," he said.

Koo also pledged to develop concrete measures to achieve the medium-term targets set out in the second-half economic growth strategy — a potential growth rate of 3 percent, top-four status in exports and per capita income of $50,000 — and said the government would devote all its resources to supporting the three mega-projects.

The meeting also received a report on plans to approve a restructuring of the petrochemical industry at the Yeosu industrial complex, including the closure of Yeocheon NCC's second naphtha cracking facility, with the government backing the move through a support package of more than 700 billion won ($474 million).

The government also decided to build an electronic payment system requiring project owners to pay subcontractors and construction workers directly, in order to prevent the withholding of construction payments and illegal subcontracting.


oskymoon@heraldcorp.com