Ministry of Trade, Industry and Energy promotes inter-company cooperation models and a 1% reduction in state-owned property rent
Transformation into an industry-centered master law with the passage of the Special Act on Materials, Parts, and Equipment by the Cabinet.

The Special Measures Act for Strengthening the Competitiveness of the Materials, Parts, and Equipment Industry will be completely revised for the first time in about 20 years since its enactment and will take effect on April 1.

The Ministry of Trade, Industry and Energy announced that the amendment to the enforcement decree for the implementation of the Special Measures Act on Materials, Parts and Equipment was deliberated and approved at the Cabinet meeting on March 24 after completing all procedures, including legislative notice and consultation with relevant ministries.
The Ministry of Trade, Industry and Energy, which made the special act scheduled to expire in 2021 into a permanent act, expanded the scope of its policy from materials and parts to materials, parts, and equipment through this amendment and transitioned from an existing enterprise-unit fostering act to an industry-centered competitiveness strengthening master act.

Focusing investment on inter-company cooperation models such as finance, location, and regulatory exceptions, and strengthening full-cycle support including R&D, workforce training, testbeds, and specialized complexes, a Competitiveness Enhancement Committee will be established to operate a special account.

In addition, it stipulates matters concerning the selection and support of inter-company cooperation models and procedures for the application and deliberation of regulatory improvements requested by participating companies, while also defining the requirements and procedures for designating specialized complexes and the existing companies entering the specialized complexesIt stipulated that the rent for state-owned property would be reduced by up to 1% of the property value for businesses, etc.

An official from the Ministry of Trade, Industry and Energy stated, “With the implementation of this Special Measures Act, we assess that the legal and institutional foundations are now fully established to implement the strengthening of competitiveness in the materials, parts, and equipment industries—which have emerged as a national priority—on the ground,” adding, “We plan to concentrate policy resources and capabilities at the pan-governmental level to achieve the legislative intent, such as strengthening technological capabilities in materials, parts, and equipment and establishing a healthy industrial ecosystem.”