Seoul: The Ministry of Trade, Industry and Resources will carry out its largest organizational restructuring in over a decade to boost its response capabilities to global trade uncertainties and focus on fostering the growth of artificial intelligence (AI) and other advanced industries, officials said Tuesday.
According to Yonhap News Agency, the restructuring plan, the biggest since 2013, was approved at a Cabinet meeting for the start of its implementation next week, ministry officials confirmed. The plan includes the creation of a new department for resource security, which will act as a control tower for economic and industrial security policies amid increased supply chain uncertainties. These uncertainties have been exacerbated by tensions between the United States and China over critical minerals.
The restructuring will also see the establishment of two new teams dedicated to fostering the growth of the AI industry and promoting the AI transformation of the manufacturing sector. Additionally, a team will be formed to better manage trade issues with the U.S., including industrial cooperation projects under the countries' bilateral trade deal signed earlier this year. Another team will be launched to support defense exports.
The ministry intends to strengthen its functions to promote balanced regional growth, enhance the competitiveness of advanced industries, and streamline regulations to aid industrial innovation. Industry Minister Kim Jung-kwan stated in a press release that the reorganized ministry aims to successfully implement key national policy tasks, focusing on regional growth and corporate vitality. He emphasized that the ministry will play a leading role in ensuring that industries and companies maintain a competitive edge amid intensifying global competition.