Industry Ministry to Undertake Major Restructuring
The Ministry of Trade, Industry and Resources is implementing its most significant organizational restructuring in more than 10 years to enhance its capacity to address uncertainties in global trade and prioritize the development of artificial intelligence (AI) and other cutting-edge industries.
According to ministry officials, the largest restructuring plan since 2013 was approved during a Cabinet meeting for commencement of implementation next week.
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The ministry will establish a new department focused on resource security, acting as a central hub for economic and industrial security policies to address increased supply chain uncertainties resulting from tensions between the US and China regarding essential minerals.
Two additional teams will be established with the specific purpose of supporting the development of the AI sector and advancing the integration of AI technology within the manufacturing industry.
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The ministry plans to create a new team dedicated to addressing trade issues with the US more effectively, particularly focusing on industrial cooperation projects outlined in the recent bilateral trade agreement.
Additionally, another team will be formed with the goal of enhancing support for defense exports.The ministry has announced its intention to enhance its efforts in facilitating balanced regional development, enhancing the competitiveness of cutting-edge industries, and simplifying regulations to support industrial innovation.
"Building on the capabilities of the reorganized ministry, we will work to successfully implement key national policy tasks, including the promotion of regional growth and corporate vitality," Industry Minister Kim Jung-kwan says.
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"The ministry will take a leading role in ensuring our industries and companies maintain a competitive edge amid intensifying global competition," he adds.