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  • Framework Act on the Promotion of Future Industry Development
    • Competent Ministry : Ministry of Science and ICT
    • Advance Publication of Legislation : 2020-09-02
    • Opinion Submission Deadline : 2020-09-16
Reasons for Proposal

The Korean economy is in a very difficult situation due to the global economic recession, intensifying polarization, rising unemployment, and even prolonged COVID-19.

In addition, the existing major industries such as automobiles, shipbuilding, steel, and semiconductors that have led Korea's growth have limitations in leading sustainable growth in the future due to rapid changes in the industrial paradigm, and although the 4th industry represented by artificial intelligence, big data, ICT, etc., which is a high value-added industry that reorganizes Korea's industrial structure that has fallen into the swamp of low growth, is a new industry that can create quality jobs in society, Korea has an insufficient national-level system to systematically foster future industries, such as related laws and projects being dispersed by government departments due to the absence of a government control tower.

In particular, the Presidential Committee on the 4th Industrial Revolution has been established and operated based on the Regulations on the Establishment and Operation of the Committee on the 4th Industrial Revolution, but with respect to the influence of the 4th Industrial Revolution and the recent intensification of global industrial competition on people’s lives, the current system is only based on the Presidential Decree and is not capable of creating new growth engines based on comprehensive consideration and structural innovation of the entire industrial ecosystem. Moreover, since the deregulation part, which is the core of the 4th Industrial Revolution, is also being reviewed separately by the Presidential Regulatory Reform Committee, it is pointed out that the Committee is inefficient because the review period is very long compared to the rapid changes in technology development. 

Therefore, this Act aims to contribute to the sustainable development of the national economy, creating a foundation for future new growth industries and strengthening national competitiveness by enacting the Framework Act to promote the development of future industries including the 4th industry.

Details

A. Define the future industry as one that creates new value by the application and convergence of new technology such as artificial intelligence, big data, and IoT to existing industries and service businesses in all industrial fields, and causing a drastic change in the economic and social structure (Article 2)

B. Prescribe that the Minister of Science and ICT shall formulate and implement a basic plan for the promotion of future industry development every 3 years to develop the future industry efficiently and systematically and that the heads of the relevant central administrative agencies shall formulate and implement action plans in accordance with the basic plan (Article 5 and Article 6)

C. Establish and operate the Presidential Future Industry Development Promotion Committee to deliberate and adjust matters related to major policies, etc., for the promotion of future industry development (Article 9 through Article 14) 

D. To promote the development of future industries, the Committee may submit opinions on necessary deregulation and special cases to the Regulatory Reform Committee, and the Regulatory Reform Committee, to which opinions are submitted, shall deliberate and resolve them within 90 days from the date the opinions are submitted (Article 16)

E. Allow the establishment or designation and operation of a future industry development promotion support center to professionally support the promotion of future industry development (Article 17) 

F. Prescribe that the government shall formulate a professional training program, and seek measures to set up education and training programs, organize overseas training for professionals, and attract and hire outstanding overseas talent (Article 19)

G. Prescribe that the government shall promote joint research and development between academic/research institutions and industries, provide support to promote the industrialization of the research and development outcomes of businesses, and seek efficient measures to introduce advanced technologies (Article 20 through Article 22)

Major Provisions

Matters concerning the overall Bill of the Framework Act on the Promotion of Future Industry Development

Go to the Bill