Although many types of industrial machinery, which are key components of manufacturing production, are high-priced imported goods, they lack systematic management, and thus, their average lifespan (approx. 9 years) is much shorter than that of other major advanced economies (30 years in Japan and 50 years in the United States). As a result, machines optimized for production are sold overseas, giving rise to a number of issues such as technology leakage. 

In addition, since most types of collateral provided by companies to take out loans from financial institutions are real estate, it is necessary to use industrial machinery as an important collateral to secure liquidity.

Therefore, this Act aims to extend the lifespan of industrial machinery and reduce production costs through systematic management of the registration, inspection, etc., of industrial machinery, prevent technology leakage to foreign countries by creating a domestic retail market for industrial machinery and restricting the transfer of ownership to foreign countries, and improve capital liquidity of companies by maintaining the collateral value through systematic valuation of industrial machinery and having them acknowledged.

Details

A. The Act aims to prescribe matters in connection with the registration, evaluation and inspection of industrial machinery, industrial machinery business, industrial machinery manager, etc., so as to efficiently manage industrial machinery and maintain or improve the economic value thereof, thereby contributing to the revitalization of the national economy (Article 1). 

B. Allow the owner to register his/her industrial machinery and record it if he/she intends to provide his/her registered industrial machinery as collateral for economic needs (Article 4).

C. Allow the owner to request an assessment of his/her industrial machinery, if necessary for the request, sale, secured loan, mutual-aid project, structural change, etc., of the industrial machinery business (Article 8).

D. Require the owner of industrial machinery to undergo an inspection for new registration, periodic inspection, and inspection for structural changes (Article 9). 

E. Require anyone who intends to engage in the industrial machinery business to register with the Minister of SMEs and Startups by type of business (Article 11).

F. Prescribe matters in connection with the qualification, registration, cancellation of registration, and grounds for disqualification for industrial machinery managers (Articles 14 through 16). 

G. Require the Minister of SMEs and Startups to provide training and education for the qualifications and task competency of industrial machinery managers (Article 18). 

H. Allow the industrial machinery managers to establish an industrial machinery management corporation to systematically perform the management and inspection of industrial machinery (Article 19). 

I. Require the Minister of SMEs and Startups to establish and operate an integrated industrial machinery information network so as to completely manage information related to industrial machinery (Article 21). 

J. Where the owner intends to transfer ownership of industrial machinery, etc., purchased with funds provided from the State to a foreign country, require him/her to first obtain approval from the Minister of SMEs and Startups (Article 24).

K.  Establish the Industrial Machinery Management Institute to efficiently register and manage industrial machinery and effectively guide and supervise industrial machinery managers (Article 25). 

Article 5, Article 6, Article 8, Article 9, Article 10, Article 11, Article 12, Article 13, Article 14, Article 15, Article 16, Article 17, Article 19, Article 20, Article 23, and Article 24