| President Moon Jae-in speaks in an opening speech before being briefed about the trade ministry's 2019 management plans at the government complex in Sejong, Tuesday. / Yonhap |
By Lee Min-hyung
Korea should make concerted efforts to preoccupy the market for hydrogen cars, as the industry is still in its infancy and the government is willing to turn the business into the nation's next growth engine, President Moon Jae-in said Tuesday.
“The government remains firm in its willingness to back up industries, such as hydrogen or electric vehicles, identifying them as the nation's next-generation growth engines,” Moon said in a year-end meeting with officials from the Ministry of Trade, Industry and Energy.
Vehicles fueled with hydrogen are the talk of the global automobile industry, as hydrogen cars are eco-friendly and their fuel cost is cheaper than traditional cars powered by internal combustion engines. Unlike electric cars, the hydrogen vehicle is still in an infant stage of development.
The President underlined the need to remain swift in preoccupying the global hydrogen vehicle market by increasing its local demand and manufacturing capacity. By rapidly penetrating into the market, local automakers should also make efforts to gain price competitiveness in the industry, according to Moon.
“A state-level strategy is required toward the drive, with relevant parties ― the government, automakers and parts manufacturers ― handling their role sincerely on their side,” the President said. “I am confident that Korea can secure its next growth engines and drive manufacturing innovation once we join hands over the plan.”
This is not the first time that the President expressed his keen interest in the emerging automobile industry.
Moon tested Hyundai Motor's NEXO hydrogen fuel cell electric vehicle on his state visit to Paris in October.
Since taking office in May last year, the President has continued stressing the need for growth in the local manufacturing industry, as it is the core pillar to prop up the Korean economy.
“The basic rule of the nation's economic policies is set in a way to continue strengthening industries that we are good at,” he said in an opening speech of the meeting. “The Korean economy has advantages in manufacturing sectors.”
Last week, the President also urged the need to develop the local manufacturing industry in a smart way.
“The key to manufacturing innovation lies in smart factories,” he said while visiting small manufacturing firms in Changwon, Gyeongsang Province. “The reason that the local economy faces difficulties is because our traditional manufacturing business is losing steam. We need to vitalize the manufacturing industry to rev up the economy.”
On Tuesday, the Ministry of Agriculture and Forestry and the Ministry of Environment also briefed the President over their management plans next year.