South Korea Unveils Seven Strategic Industries to Drive Future Economic Growth

President Lee Jae Myung announced on Wednesday a new initiative to designate seven future industries as strategic national assets and growth engines for South Korea. The president stated that the country must identify new sectors to sustain the current economic boom driven by semiconductors and artificial intelligence. The seven identified seed technologies include small modular reactors, nuclear fusion, renewable energy, quantum technology, aerospace, advanced biology, and supply chains for advanced materials and components.

During a meeting with approximately 60 government officials, researchers, and experts, President Lee emphasized that rapid technological replacement cycles mean countries will be excluded if they fail to keep up with change. The government plans to organize these sectors into three pillars: future clean energy, next generation frontiers, and advanced supply chains. Specific targets include the commercialization of light water small modular reactors by 2035, the generation of electricity through nuclear fusion by the late 2030s, and the launch of a privately led lunar lander by 2030.

To implement these goals, the government will launch a public private task force led by Deputy Prime Minister and Science and ICT Minister Bae Kyung hoon. The strategy involves establishing jointly funded special purpose companies for capital intensive projects and providing block funding to universities for long term research. The initiative aims to transition government funded research institutes into organizations focused on long term national missions.