Maeil’s Vision Korea to discuss 5 advanced manufacturing sectors for growth

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South Korea is moving to take the lead in five advanced manufacturing sectors that may create another foundry market worth 4,000 trillion won ($3.1 trillion) in 2040, which includes small modular reactors, small-size satellites and carbon capture storage facilities.

Maeil Business Newspaper, in collaboration with global consulting firm Boston Consulting Group (BCG), will present strategies for Korea to enhance its manufacturing power and stay ahead in the five advanced foundry markets at the 33rd Vision Korea National Conference at The Shilla Seoul hotel on Wednesday.

The conference, timed with its 57th founding anniversary, will be held under the theme of Korea becoming a manufacturing powerhouse and leaping forward to become one of the G5 countries. Analysis will be made on the strengths and weaknesses of the Korean manufacturing industry and proposal will be made on five action plans that include new development strategies utilizing technology, human resources and assets.

Manufacturing sector accounts for 26 percent of Korea’s gross domestic product, which is the second-largest in the world after China. Experts have hopes that the accumulated technologies in the manufacturing sector can be used in the artificial intelligence or quantum computing industries and bring forward a new era of manufacturing.

Maeil Business Newspaper and BCG found five sectors – SMR, small-size satellites, carbon capture storage facilities, bio and electric vehicles – where Korean companies already have the technical skills and related experiences.

Experts note that Korea will be able to expand its presence in the five areas from manufacturing and operation experience, defense industry capacity, plant and bio consignment production capability, auto manufacturing technology, and electric vehicle key component ecosystem, which is all of what Korea has.

BCG projected the global market for the five advanced industry sectors will reach 4,000 trillion won in 2040.