KOTRA Advice
There is an argument that policies to promote the manufacturing industry in the world can become both a threat and an opportunity for Korea, which is strong in the sector.
In a report called “Major Countries’ Manufacturing Industry Development Policies and Implications” released by the Korea Trade-Investment Promotion Agency (KOTRA) on Oct. 4, the agency has analyzed the policies to promote the manufacturing industry in 9 countries around the world, including the U.S., Germany, Korea, and China, and looked at the possible effects of the Korean economy. The report has paid sharp attention to the fact that the U.S., Germany, and China are already aggressively pushing ahead with reform policies for the manufacturing industry.
The Korean government has also established the “Manufacturing Industry Innovation 3.0 Strategy” and has been pursuing the strategy from last year. The report said, “The Korean manufacturing industry will have to compete hard with advanced countries such as the U.S. and Germany, in the core manufacturing sector, and outplay China. The boom in the manufacturing development in all countries of the world will become both a threat and an opportunity for the Korean manufacturing industry.”
In particular, the report advised the Korean manufacturing industry to firmly secure leadership in the sectors in which it is already competitive, including information and communications technology. Also, it puts forward the suggestion that the industry needs to strengthen partnerships at home and abroad, such as Industry-University-Institute collaboration; joint research and development projects between private research institutes; cooperation with small, mid-size, and large companies; and joint projects with research institutes and firms in advanced countries.