Presidential office will launch two task forces to prop up chip, automobile sectors

The presidential office will launch two task forces to handle price control measures and support national strategic industries such as semiconductors and automobiles in order to maintain economic growth.

Presidential office in Yongsan, central Seoul [YONHAP]

The presidential office will launch two task forces to handle price control measures and support national strategic industries, such as semiconductors and automobiles.

Sung Tae-yoon, director of national policy at the presidential office, unveiled the plan during a press briefing Thursday, describing the move as an effort to maintain economic growth momentum by drawing on the resources of all ministries and regional governments in addition to those of economy-related ministries. Sung will lead both task forces.

“By activating a national support system involving all ministries, beyond the economy-related ministries, we will provide utmost support to core industries while stabilizing the prices affecting people’s livelihoods,” he said.

The task force for national strategic industries will provide organic support to the sectors with the biggest impact on the national economy, including the semiconductor, auto and shipbuilding industries.

The three industries together account for 23.5 percent of all manufacturing output and 16 percent of jobs. Their share of the country’s total exports has also increased, Sung noted.

The task force for price control will be charged with discussing and implementing structural measures to stabilize the prices of goods with significant variability, such as farm products and seafood.

Yonhap