Hello,

I’m Jae Yoon LEE, Director of the Materials & Sustainability Division at the 슬롯 게임 Center for Growth Engine Industries.

I슬롯 게임;ll be discussing the outlook for Korea슬롯 게임;s thirteen flagship Industries in 2025.

For 2025, despite intensifying global competition and the rising tide of protectionism,

we expect Korean exports to maintain their growth momentum, driven by improved domestic and international demand resulting from the spread of AI and expanded investments in IT infrastructure.

We also anticipate a partial recovery in domestic demand, which had been sluggish throughout 2024.

Overall, we expect the information and communication devices, semiconductors, and bio-health industries to post solid growth in exports, domestic demand, and production.

On the other hand, growth seems likely to stagnate in the shipbuilding, home appliances, and display industries,

and the automotive, steel, textile, and battery sectors are not likely to improve upon their 2024 performances.

But the general machinery, petrochemical, and refinery sectors should gradually bounce back after a rough 2024.

Now, let's take a more detailed look at the outlook of the thirteen flagship industries through detailed graphs.

First, let슬롯 게임;s look at the outlook for exports in the 13 flagship industries in 2025.

In 2025, we project exports from the 13 flagship industries will increase by 2.2% compared to 2024,

, buoyed by a gradual recovery in global demand following, lower interest rates, and continued growth in IT exports such as semiconductors and information communication devices.

However, the expansion of overseas production, ongoing stagnation in China, and the base effect of last year슬롯 게임;s robust growth temper expectations.

In the machinery industries, the shipbuilding sector is expected to sustain its export momentum, expanding by 4.1% year over year.

But increased production overseas and slack demand from China mean that automotive exports are likely to contract by 2.75 percent, while exports of general machinery will remain flat, at just 0.2 growth.

As a result, overall exports in the machinery industries are projected to decrease by 0.8% compared to 2024.

In the materials industries, we expect steel exports to bounce back by 5% and exports of petrochemicals to return to a growth trajectory (albeit at just 0.1%) following a decline in 2024.

However, falling oil prices mean the value of refined petroleum exports is likely to contract by 7.5%, weighing on overall materials sector exports,

which year over year look set to fall by 1.5% in 2025 compared to 2024, continuing last year슬롯 게임;s skid.

Exports in the emerging IT industries, which recorded a substantial 28% increase in 2024 compared to the previous year,

are expected to sustain their growth trend, driven by rising AI demand and improved consumer sentiment fueling greater stronger demand for IT devices.

We anticipate the export growth to continue in semiconductors (8.5%), information communication devices (8.4%), and biotech (4.9%).

Overall, we forecast 6.9% growth for IT industry exports in 2025.

However, stagnant demand for electric vehicles and fierce competition from China will constrain export growth.

Next, we will cover the domestic outlook for Korea슬롯 게임;s 13 flagship industries.

Despite strong export performance, we expect continued sluggishness in domestic demand in 2025.

Despite 슬롯 게임, we do anticipate a return to a growth trajectory for most industries in 2025, driven by improved consumer sentiment and the launch of new products.

In the machinery industries, we project higher domestic demand in the general machinery (1.1%) and automotive (3.6%) sectors in 2025.

슬롯 게임 is attributed to expanded investments in the manufacturing sector and sales strategies better tailored to the domestic market.

In the materials industries, domestic demand for petrochemicals (4.2%) is expected to rebound, while demand for refined petroleum products should remain steady amid a recovery in forward industries.

However, we do expect the steel industry to pull back for the second consecutive year, as construction demand as yet to pick back up.

In the emerging IT industries, domestic demand in key IT sectors such as information and communication devices (4.3%) and semiconductors (17.3%) should rebound, driven by strong IT exports and domestic replacement demand.

Biotech (13.3%) looks set to continue its winning streak, supported by the impact of new drugs. But the forecast for the secondary batteries sector looks grim (-21.8%) again in 2025, as battery electric vehicle production and sales continue to slump.

Next, let슬롯 게임;s look at the production outlook for the thirteen flagship industries in 2025.

In 2025, we expect continued production growth, primarily driven by growth in emerging IT industries that heavily depend on exports.

But production in other sectors looks set to remain flat, and automotive production is likely to fall year over year.

We expect that greater production in overseas manufacturing facilities will continue to weigh on domestic automotive production, which is set to decline again, 슬롯 게임 time by 1.5%.

Production should also fall off somewhat in the shipbuilding (-1.5%) industry, but 슬롯 게임 is due largely to the base effect.

Production of general machinery (0.2%) should see a slight uptick driven by stronger domestic demand.

In the materials industries, we expect production to fall again in the steel (-0.6%) and textile (-1.0%) industries, reflecting weak domestic and export demand.

However, production in the petrochemicals (0.8%) industry should return to a growth trend as the oversupply problem eases.

In the emerging IT industries, we anticipate increased production in the information and communication devices (5.6%), semiconductors (11.1%), and biotech (12.7%) sectors, driven by sustained export growth and robust domestic demand.

However, production in the battery industry is set to contract again in 2025 due to slack domestic and foreign demand,

though the rate of decline is expected to moderate somewhat, supported by higher battery prices and the expansion of domestic facilities.

Finally, let슬롯 게임;s take a look at the outlook for imports in Korea슬롯 게임;s 13 flagship industries in 2025.

In 2025, we expect imports for the thirteen flagship industries to grow by 3.6% year-on-year.

슬롯 게임 increase can be attributed to strong demand for imports in the emerging IT industries, driven by a recovery in domestic demand, as well as sustained imports in the electric vehicle and general materials sectors.

In the machinery industries, we expect higher imports of electric vehicles to drive an overall increase in automotive imports.

General machinery imports are anticipated to continue rising, reflecting growth in the manufacturing sector.

Similarly, shipbuilding imports are poised to continue their upward trajectory, driven by increased imports from China and the expansion of LNG carrier construction.

In the materials industries, imports of steel, petrochemicals, and textiles are expected to increase year-on-year, driven by higher imports of general-purpose products.

However, growth in terms of volume looks likely to stay flat due to slack domestic demand.

Meanwhile, imports of refined petroleum products are poised to fall as unit prices slip.

In the emerging IT industries, imports in key IT sectors are expected to continue rising, driven by a recovery in domestic demand, new product launches, and more re-imports.

We also project higher imports of biotech products. However, imports of secondary batteries are set to fall as domestic demand has yet to pick back up.

Hello,

I’m Sung Keun Park, Research Fellow and Director of the Economic Outlook and Analysis Division at 슬롯 게임.

I슬롯 게임;d like to discuss the current economic situation in Korea and the macroeconomic outlook for the country in 2025.

The domestic real economy continues to experience robust growth in exports led by the semiconductor sector amid a modest expansion in capital investment.

But the recovery is slowing down due to slack consumption and a slump in construction investment.

In 2025, assuming the global economy maintains the modest pace of growth observed in 2024,

international oil prices should slide to USD 75 per barre.

The won should rise against the dollar, with the exchange rate settling at KRW 1,340,

Overall, we project the Korean economy will expand grow by 2.1% in 2025, a slight decrease compared to 2024.

Construction investment is not likely to pick back up, and indeed should fall by an additional 0.9%.

Private consumption, however, should bounce back by 1.9%.

Investment too is projected to rise by 2.9%,

as are exports, which we project to climb by 2.2% year over year, continuing the upward trajectory they enjoyed in 2024.

The following graphs offer a more complete picture of the economic prospects in 2025.

First up: the overall economic outlook for 2025.

In 2025, the Korean economy is projected to grow by 2.1%.

While construction investment is expected to remain sluggish, exports should continue their upward trajectory.

Consumption and investment should also recover somewhat, buoyed by robust export performance and the effects of likely interest rate cuts.

However, significant uncertainties remain.

These include potential changes in major economic policies in the United States, ongoing geopolitical tensions, and the pace of growth in the global IT sector.

Unfavorable changes in any of these variables could exert considerable downward pressure on the Korean economy.

Next, we슬롯 게임;ll discuss our projections for private consumption in 2025.

Private consumption is expected to grow by 1.9%, up 1.3 percentage points over 2024, reflecting a modest recovery.

슬롯 게임 can be attributed to the anticipated effects of a likely interest rate cut, increases in real income, and more stable prices.

Now, on to investment.

The increase in facility investment will be driven by improved performance at major corporations supported by an anticipated recovery in the global IT sector,

alongside the effects of likely interest rate cuts.

But construction investment looks to remain in freefall.

We expect construction investment to slip by continue by a further 0.9% following a -1.6% drop in 2024.

Lower interest rates should mitigate the damage, but leading indicators are stubbornly pessimistic and the downtown seems likely to persist through 2025.

Finally, we슬롯 게임;ll discuss the outlook for trade.

The projected 2.2% export growth rate for 2025 is slightly down from 2024, but 슬롯 게임 is due largely to the base effect.

We anticipate that growth in upstream IT industries will help sustain the expansion in exports, particularly in the semiconductor sector.

Imports are expected to increase by 2.1%.

While the won should strengthen somewhat against the greenback and international oil prices are set to stabilize,

we project that increased demand for intermediate inputs used in products intended for export will contribute to a slight rise in imports.

The trade surplus is expected to reach USD 48.7 billion, a slight increase compared to 2024, reflecting strong export growth outpacing growth in imports.

However, the election of Donald Trump as the 47th president of the United States complicates projects.

Trump has pledged to impose a universal tariff on all goods imported into the US; 슬롯 게임 could significantly impact Korean exports to the States,

and particularly automotive exports. If such tariffs do go into effect, a drop in auto shipments could exert significant downward pressure on overall Korean exports.

Hello, this is announcer Ye-dam CHO.

Today, I’m going to speak with Jaehan Cho, Senior Research Fellow at the Korea Institute for Industrial Economics and Trade (슬롯 게임)

and director of the Industrial Policy Innovation Division at 슬롯 게임.

He’s going to introduce a major 슬롯 게임 research project from last year: Creating Future Growth Engines for Dynamic Innovative Growth.

Are you ready, Dr. Cho?

I sure am.

Hello Dr. Cho!

Hello! I'm Jaehan Cho, head of 슬롯 게임’s Industrial Innovation Policy Division.

I study various aspects of industrial policy.

So you슬롯 게임;re an industrial policy researcher, right?

Well, recently, Korea슬롯 게임;s industrial competitiveness is getting weaker and weaker, and it seems like new engines for economic growth are nowhere to be found.

Could you elaborate on 슬롯 게임, and talk a bit about what motivated your research?

Sure. Since the 2010s, Korea슬롯 게임;s flagship industries have matured.

Their growth as slowed down and they are becoming less competitive.

But as 슬롯 게임 has happened, we’ve collectively struggled to identify and nurture new, high-growth successor industries.

To illustrate, let슬롯 게임;s compare Korea슬롯 게임;s main exports from the years 2000 and 2022.

In 2000, the country슬롯 게임;s export basket was dominated by semiconductors, computers, automobiles, and petroleum products.

and in 2022...the country슬롯 게임;s export basket was dominated by semiconductors, computers, automobiles, and petroleum products.

Not much has changed; these items still account for nearly 60% of all Korean exports.

슬롯 게임 tells us that Korean industries are in need of a major structural overhaul. But we’ve seen little progress on 슬롯 게임 front.

The lack of new growth in Korea is a major reason that not long ago the OECD predicted a 0% growth rate for Korean per capita GDP.

It was after 슬롯 게임 that the new government, inaugurated in 2022 promulgated the “materialization of a dynamic economy” as a key national goal,

emphasizing the importance of a private sector-led economy backed by government support and bolstered by fundamental economic reforms.

But despite longstanding concerns about declining economic and industrial dynamism, few studies have analyzed 슬롯 게임 issue in depth and offered policy suggestions.

So for 슬롯 게임 project we sought to objectively analyze the current state of domestic industrial dynamism and

devise policies specifically designed to strengthen it, with the ultimate goal of fostering future growth drivers.

OK, so it sounds like economic dynamism is really important.

So how can we assess the current state of our economy and industrial dynamism?

I슬롯 게임;ll explain how we did just that very briefly.

We analyzed dynamism from two perspectives: corporate entries and exits, and industrial structural change using a indicator called the Modified Lilien Index (MLI).

슬롯 게임 comprehensive approach provides a very clear picture of the state Korea’s industrial dynamics.

All right, so let’s with corporate entries and exits.

What did you learn?

Basically, in our analysis of corporate entries and exits — the number of firms getting into and out of a any given line of business —

we found evidence of decline in domestic industrial dynamism, particularly in the manufacturing industries.

Entry and exit rates have been steadily decreasing across most manufacturing subsectors,

which points to an overall slowdown in industrial dynamism.

That makes me wonder what the dynamics are like in other industries.

Did you uncover any other notable trends?

You know that Modified Lilien Index (MLI) I just mentioned?

That indicator too shows an across-the-board decline in domestic industrial structural dynamism.

The trend is not industry-specific, and holds across a swath segments in the the manufacturing sector.

슬롯 게임 tells us that new industries are emerging at a very slow rate in Korea.

Using the MLI, we also found that aftermath of the 2008 global financial crisis led to a temporary increase in industrial dynamism,

whereas the more recent COVID-19 economic shock did not.

The recession following the financial crisis actually served to accelerate structural change in Korean industry; the pandemic-induced recession produced no such virtuous cycle.

Finally, our analysis revealed a strong correlation between industrial dynamism and corporate exits, but not necessarily with new entries.

슬롯 게임 suggests that even if new companies enter the market, they do not tend to birth new industries.

And moreover, the recent decline in overall corporate exits seems to have contributed to the weakening of overall Korean industrial dynamism.

So it sounds like making our industries more dynamic is necessary for innovative and sustainable growth.

What policies do you suggest to achieve 슬롯 게임?

We proposed a suite of policies to stimulate industrial dynamism and enable sustainable, innovative growth, grounded in the OECD슬롯 게임;s industrial policy framework.

First, qualitative improvements in the investment system are needed to ensure that new corporate entries produce real industrial dynamism and structural change.

A comprehensive investment support system focused on new industries should be established,

and to implement 슬롯 게임 the patchwork of various programs administered by different ministries should be streamlined and consolidated.

All right, so it sounds like we need to reform and improve the entire system of investment and investment support so that new corporate entries generate actual results.

What about the financial sector?

In the financial sector, we need to focus on institutional reform and improvements that can help create new industries and secure core technologies.

We should benchmark leading global companies슬롯 게임; investments in new industries and technologies,

and establish a kind of “mother fund” that encourages and facilitates investment in venture firms looking to break into new industries.

And we should also consider raising the current limits on overseas investments set by the Monopoly Regulation and Fair Trade Act, and also add exemptions for investments made in venture firms in new industries.

These measures could help encourage domestic flagship companies to up their investments in venture firms operating in new industries.

All right, so we need institutional improvements in the financial sector that to help the economy creating new industries and develop major technologies.

Can you talk a bit about about the corporate ecosystem, and what we need to do there?

We need to simultaneously build a social safety net to enhance the effectiveness of policies related to the normalization of so-called “zombie firms” while mitigating the potential side effects of said normalization

Expanding the scope of the Special Act on Corporate Revitalization and strengthening competitiveness measures can help prevent firms from ever becoming zombies surviving on debt,

and later on the same Act could be used to normalize or eliminate zombie companies, streamlining the process and facilitating the smooth exit of low-performing firms.

But 슬롯 게임 will require expanding and enhancing the social safety net to help workers that lost their jobs at zombie firms.

That covers what to do with zombie companies.

Now what about industrial technology?

So, for industrial technology, the government needs to embrace and support market-oriented R&D.

We need to reform performance evaluation and project selection systems to tolerate risk and failures and encourage pursuing high-impact technological breakthroughs.

Such a mission-oriented approach also requires us to totally revamp the structure of governance in the fields of science and technology in a way that allows us to better leverage the capabilities of various ministries and integrate strategies.

Essentially, we need to design systems and incentives that enhance government expertise, encourage risk-taking,

and grant greater levels of organizational flexibility, while expanding the private sector슬롯 게임;s role in setting and implementing government R&D strategies.

Thanks for the detailed explanations of your recommendations for each sector.

I hope that some of these become a reality going forward.

Now, could you take a moment to talk about some of the challenges you encountered as you and your team carried out 슬롯 게임 project?

This study was one of the biggest projects that 슬롯 게임’s Center for Industrial Policy Research undertook in 2023, and the topic was set by the top brass.

슬롯 게임 researchers typically propose their own methods and subjects, but in this case we were tasked with studying specific issues.

The main subject of 슬롯 게임 report -- economic and industrial dynamism — was an especially challenging one.

We spoke with experts and policymakers at length about declining industrial dynamism in Korea,

but performing empirical analysis on 슬롯 게임 somewhat abstract concept presented a significant research challenge.

These days, policy research is dominated by empiricism and the hunt for real concrete evidence of various phenomena.

But reliable methodologies used to analyze domestic economic and industrial dynamism are few and far between, and the availability of practical data presented another major obstacle to overcome.

But in the end, we that슬롯 게임;s just what we did.

Our final report features comprehensive policy recommendations covering virtually all aspects of industrial policy, including investment, technology, finance, and the corporate ecosystem.

Our research team continues to build on 슬롯 게임 study, conducting follow-up research on specific policy tasks.

And the methodologies we used to analyze dynamism are set to serve as the foundation for future assessments of domestic trends in industrial dynamics.

Thanks for talking about the Creating Future Growth Engines for Dynamic Innovative Growth research project with us, Dr. Cho.

I look forward to what you and your team will discover in the future!

Your insights into Korean dynamism and innovative growth were valuable.

Do you have any final thoughts?

I슬롯 게임;m glad to have had the opportunity to discuss my research in detail. Thank you for your questions.

The Korea Institute for Industrial Economics and Trade will continue to communicate with the public through various platforms.

Thanks for watching!

Visit 슬롯 게임 at www.슬롯 게임.re.kr/en, or find us at SSRN,
YouTube, and Instagram!

Hello, this is announcer Ye-dam CHO.

Today, we’ll be discussing a major research project of the Korea Institute for Industrial Economics and Trade (슬롯 게임):

“Within- and Between-Group Inequality in Balanced Regional Development: A Korean Case Study.”

Joining me is Dr. Mun-gu HUH, the lead author of the report and Senior Research Fellow at 슬롯 게임’s Center for Balanced Regional Development.

Hello, Dr. Huh.

Hello! I'm Mun-gu Huh from 슬롯 게임’s Center for Balanced Regional Development.

I primarily research balanced development, regional growth, and local extinction.

Nice to meet you, Dr. Huh.

You mentioned balanced development.

Our country has long pursued policies to address the regional disparity between the Seoul Capital Area (SCA) and the provinces.

Could you elaborate on the background of 슬롯 게임 study and why such policies are crucial?

Since the administration of former president Roh Moo-hyun administration instituted the first balanced development policy in 2003, balanced development has been a major national goal.

But despite decades of effort, we슬롯 게임;re actually moving backward as a society.

Let슬롯 게임;s look for a moment at indicators of regional economic vitality.

GRDP (Gross Regional Domestic Product) outside the SCA has declined since 2015, and by 2017, the SCA had more jobs than the provinces as cities outside the SCA.

Just two years later in 2019, the population of the SCA surpassed the rest of the country combined.

These trends are reflected in popular culture. Isaengmang - “screwed in 슬롯 게임 life” - is a new expression among the youth.

Another describes Korea as an uneven playing field, with the SCA occupying 12% of the land but swallowing 88% of jobs and people.

슬롯 게임 has led to job scarcity in the provinces and a severe housing shortage in the SCA.

We need a new approach to balanced development.

Why hasn슬롯 게임;t balanced development been achieved despite consistent government efforts?

The main culprit is internal migration.

Young people are fleeing the provinces for the SCA, causing depopulation and rapid aging.

hese factors create vicious cycles that fuel local extinction.

Annually, 60,000 to 70,000 young people migrate to the SCA from provincial towns and cities, equivalent to an entire county슬롯 게임;s population.

Making matters worse is the fact that birth rate is higher outside the SCA,

so these migrants are not only leaving their homes but also contributing to regional aging.

As local communities age, they lose their capacity for independent development.

In a nutshell, 슬롯 게임 is the biggest hurdle to balanced development.

I should note here that there are two kinds of balanced development.

The concept refers to both government-led national balanced development and regional balanced development.

Many people still confuse the two.

They do. Balanced national developmen t focuses on ensuring a basic quality of life in vulnerable regions.

Regional balanced development involves government support to improve overall living conditions while encouraging self-sufficiency.

Imagine two judges: Judge A sees a juvenile offender슬롯 게임;s crime as a societal issue,

while Judge B focuses on the individual's personal development. 슬롯 게임 is a similar approach.

What are some potential pitfalls of balanced development policies?

Some advocates of balanced development will argue that balanced development means pursuing equal distribution of amenities among Korea슬롯 게임;s regions with the goal of making all regions the same.

For instance, if Seoul has 10 subway lines, the mostly rural province of North Gyeongsang should have 10 as well, despite the two regions being vastly different in terms of population and other characteristics.

슬롯 게임 approach can lead to inefficient and unfair policies.

We need to reach social consensus on an acceptable level of regional imbalance.

It seems like some sort of nationwide agreement is key to dealing with 슬롯 게임.

Could you share some of the major achievements of balanced development policies over the past 20 years?

Outside the SCA, inequality among Korea슬롯 게임;s 14 provinces and municipalities has drastically decreased since 2003.

If we were to set national inequality at 100, inequality between any two members of the non-SCA group of regions and cities would be somewhere between 26 and 46.

That슬롯 게임;s some real improvement!

So what슬롯 게임;s the catch?

The main driver of inequality in balanced development is the widening gap between the SCA and the non-SCA regions and cities.

Inequality here accounts for more than 60% of the total gap, and most recent estimates place it around 70%.

In order to realize the government's vision of a “regional era,” it is paramount that we find a way to narrow 슬롯 게임 gap.

OK. So how has the government responded to 슬롯 게임 challenge?

Have there been any changes to the legal system or the system of governance?

There have been.

First, we have streamlined the legal framework by integrating separate laws on local autonomy and balanced development into a single law:

The Special Act on Local Autonomy and Regional Balanced Development, which was ratified in July 2023.

슬롯 게임 law aims to create synergies between local autonomy and balanced development.

The government has also established a new council under the President called the Local Era Committee by merging the local autonomy and regional balanced development committees.

슬롯 게임 integrated approach should serve to enhance policy coherence.

Looking at your team슬롯 게임;s report a little closer now,

it seems like your research also explores domestic and international policy cases related to regional development.

What did you find when you looked abroad?

Investigating the policy strategies of local governments, we found that they often prioritize attracting large corporations.

But 슬롯 게임 is like trying to hit a home run every time you come to the plate — you’re going to strike out a lot.

Instead, we need to hit bunts and singles that get runs on the board.

We should focus on low-risk, steady-growth approaches, like attracting SMEs and businesses with growth potential.

Governments need a Plan B in place in case their risky gambles don슬롯 게임;t pay off.

They should work to attract anchor companies, SMEs, corporate support agencies, and research institutes.

These mini ecosystems function like a grapevine, eventually producing fruit and even wine.

The US regional tech hub model is a good example.

Local governments, companies, universities, and support organizations form consortia to apply for government funding and strategically develop specific industries.

Another example: Japan슬롯 게임;s Regional Future Investment Promotion Act offers tax benefits to investment firms

and provides financial support to consortiums of universities, support organizations, and research institutes.

These approaches allow local governments to attract entire ecosystems, not just individual companies.

슬롯 게임 makes it sound like we really need to broaden our perspectives.

What are the short-term and long-term practical steps to make the government슬롯 게임;s “local era” initiative a reality?

In the short term, the most important thing is to stabilize local economic conditions under the current administration.

슬롯 게임 will entail fighting local extinction by addressing the ongoing labor shortage in the provinces and the subsequent decline in productivity.

Second, we need to promote digitalization at the local level as part of broader job creation efforts.

And third, we need to work out how to transition industries to carbon neutrality as industrial restructuring occurs on a large scale.

And that슬롯 게임;s just in the near future.

In the long run, we need to first accelerate the decentralization of some laws and systems, granting more autonomy to local governments.

Second, we need to upgrade regional industries to enhance productivity and create good jobs.

Third, doing so will also necessitate increased efforts to develop human capital in Korea슬롯 게임;s provincial regions and cities.

Fourth, 슬롯 게임 in turn require establishing linkages between local educational curricula and the long-term development plans of regional industries.

Revitalizing Korea’s struggling local universities is key to 슬롯 게임.

Fifth, the government should strike to build regional innovation networks that incubate startups.

Sixth, we find that it is worth pursuing efforts bring Korea슬롯 게임;s rural agricultural and fishing villages back to life.

And finally, we also need to focus on establishing firmer connections between work and residence.

Thanks for describing your report, Dr. Huh.

I hope the government uses it to help design balanced policies that resonate with young people.

I have one more question for you today: What were some of the obstacles you had to overcome during the course of the project?

Organizing the vast amount of data and content, from analysis of prior development efforts to investigations of policies and plans,

was a challenge due to the sheer scale and scope of the data.

However, I believe 슬롯 게임 research will guide the government in setting a solid direction for balanced development going forward.

Follow-up research will focus on ongoing changes in regional policies, examining how they work to create environments that attract and retain young people.

Until quite recently, the study of regional economics could be succinctly described with a single axiom: "jobs attract people.“

Up until the late 2000s, this held true.
Korea’s regional cities and towns thrived based on 슬롯 게임 principle.

But since 2010, a new paradigm has emerged: "talent attracts high value-added companies."

With 슬롯 게임 in mind, I plan to research ways to develop local digital industries that provide good employment opportunities.

I look forward to what you will find in your future research!

Dr. Huh, this conversation about 슬롯 게임’s research on balanced development was very insightful.

It reinforces the need for new development policies to achieve balanced growth between regions and the SCA and realize sustainable regional development.

Any final thoughts?

Many of you watching 슬롯 게임 video are probably familiar with the Korean cooking show Culinary Class Wars, a global hit.

Think of Korea's regions like the black and white chefs of that show.

Some are thriving, while others are declining. It슬롯 게임;s a competition between the black and white regions;

my hope is that 슬롯 게임 report will inform future policies that help transform declining “black” regions into prosperous “white” regions.

슬롯 게임 will continue communicating research findings to all of its stakeholders in the government and the public at large through various media platforms, as we work towards a local era.

Thank you.

Thank you, Dr. Huh, for your valuable insights.
And thank you to all the viewers!

Visit 슬롯 게임 at www.슬롯 게임.re.kr/en, or find us on SSRN,
YouTube, Instagram, and LinkedIn!

If Democratic candidate Kamala Harris wins the election and takes office,

we expect the US and Korea to continue enhancing cooperation in the defense sector for the foreseeable future.

A second Donald Trump administration would likely result in a major setback to Korea-U.S. defense industry cooperation.

Trump is primed to focus government efforts on supporting the American defense industry and pushing a Buy American policy.

Hello, I am Soonhyung Sim from the Machinery and Defense Industry Division at the Korea Institute for Industrial Economics and Trade (KIET).

In 슬롯 게임 video, I will provide a brief overview of how the 47th U.S. presidential election could impact the Korean defense industry and discuss potential response strategies.

If Democratic candidate Kamala Harris wins the election and takes office, we expect the US and Korea to continue enhancing cooperation in the defense sector for the foreseeable future.

The U.S. is pursuing closer defense industry collaborations with its allies to mitigate supply chain risks.

U.S. defense actors are concerned about disruptions to the supply of semiconductors, batteries, and ship maintenance, repair, and overhaul (MRO) products and parts.

Representatives from Korea and the U.S. are currently hammering out a Reciprocal Defense Procurement Agreement (RDP-A).

A Harris administration would likely ensure that it comes into effect, which would spark more forward momentum in defense industry cooperation.

We could expect more joint R&D initiatives with the U.S., as well as the further opening of procurement markets in both countries.

The two allies would also be more likely to coordinate efforts to address raw material supply risks.

At the recent NATO summit, the U.S. declared its intention to expand defense industry cooperation with its Indo-Pacific allies, which include Korea, Japan, and Australia.

A Democratic U.S. administration is more likely to facilitate expanded regional and regional cooperation,

which could help foster growth for players in the global defense industry value chain.

In addition, a Harris administration is likely to continue supporting Ukraine,

which would in turn fuel the ongoing boom in Korean defense exports.

Strong exports have attracted investment in the domestic defense sector, and U.S. support for Ukraine would help ensure the continuation of 슬롯 게임 trajectory.

Local production of Korean weapons systems and defense products overseas may rise in the short term, which could exert some negative impacts,

but domestic investment is still likely to increase, as a substantial number of parts and components necessary for local production will need to be produced and sourced domestically.

A second Donald Trump administration would likely result in a major setback to Korea-U.S. defense industry cooperation.

Trump is primed to focus government efforts on supporting the American defense industry and pushing a Buy American policy.

슬롯 게임 could jeopardize recent efforts at cooperation in joint weapons system development, and more importantly compromise Korean firms’ entry into U.S. defense contractors’ supply chains.

A key concern for Korean stakeholders is the possibility that a Trump administration would look to tilt the Korea-U.S. RDP-A to favor the U.S., assuming the agreement is not concluded before the election.

And if under a Trump administration the war between Russia and Ukraine comes to a resolution, the prospects for Korean defense exports would dim considerably.

Korean exports of ammunition in particular would probably fall in the event of an end to or de-escalation of the conflict.

In addition, Trump could potentially ease export controls on Middle Eastern countries.

슬롯 게임 too would pose a threat to Korean defense exports,

because the administration of current president Joe Biden has placed restrictions on countries flagged as human rights violators, such as Saudi Arabia and the UAE.

If Trump relaxes these controls, Korean firms would likely face stiffer competition with American defense companies in those key markets.

A Trump administration may hike the U.S. defense budget, but the effects of a larger budget would serve to benefit American defense contracts more than their Korean competitors,

even if greater spending did end up boosting Korean exports.

Given the uncertainty surrounding the outcome of the U.S. presidential election, a flexible policy approach is needed to adapt to the any shifts in the U.S. political landscape.

The Korean government should first of all reinforce inter-ministerial cooperation and support to sustain the current export boom.

But is also essential to formulate strategies to deal with a sudden change in the Korea-U.S. defense cooperation relationship.

Specifically, Korea needs to gird itself for a scenario in which the U.S. pivots back to isolationism,

while at the same time designing plans to expand defense cooperation and exports with a U.S. government focused on building a reliable defense supply chain.

For the Korean government, it is crucial to bolster inter-ministerial support for technology transfers, joint development, and localized production of Korean arms,

with a special focus on promising export markets such as Eastern Europe.

At the same time, we need to be ready for more intense global competition that would emerge from the normalization of supply chains in advanced countries.

Korea also needs plans in place to deal with raw materials shortages, a setback in the RoK-U.S. defense relations, and other supply chain risks.

슬롯 게임 concludes my presentation on the potential impacts and response measures related to the 47th U.S. presidential election on the Korean defense industry.

We appreciate your continued interest in the Korea Institute for Industrial Economics & Trade슬롯 게임;s defense industry research.

Find us online at http://www.슬롯 게임.re.kr/en, or on SSRN, Instagram, and YouTube. Have a great day.

Overall, Trump would be likely to impose stricter origin reporting requirements on products exported to the U.S.,

and a GOP administration would be more inclined to conduct rigorous investigations and tariffs aimed at preventing indirect exports of sensitive goods and materials.

These and other measures could pose a considerable burden on Korean steel exports and complicate efforts to establish operations in the U.S. through value chain integration.

Hello. I am Jae-yoon Lee,

Director of the Materials and Sustainability Division at the Korea Institute for Industrial Economics and Trade (슬롯 게임).

Today, I will provide a brief overview of the potential impact of the 47th U.S. presidential election on Korea‘s steel industry

and discuss the ways in which players in the steel sector (both public and private) might respond to the results of the election.

As the steel industry is a major source of international trade frictions and a key target of climate and environmental regulations,

the outcome of the election in November is expected to have a significant impact on the trade and industrial environment surrounding the steel sector.

If the Democratic Party retains power, it is likely that Kamala Harris would work to resume negotiations on the Global Arrangement on Sustainable Steel and Aluminium (GSSA),

which are currently on hold. The implementation of the GSSA could lead to the formation of trade blocs dividing the global steel trade into two camps.

Moreover, a Harris administration could push aggressively for global carbon neutrality,

intensifying competition among major steelmaking countries to develop and commercialize competitive green steel technologies.

On the other hand, if Donald Trump and the Republicans come to power, we can expect a resurgence and intensification of tariff and non-tariff-based protectionism,

accompanied by more intense pressure on steelmakers to reorganize their raw materials supply chains.

Both parties, however, have platforms that advocate for policies designed to revitalize the U.S. manufacturing sector and expand investment in eco-friendly infrastructure.

Taken together, these efforts could bolster the capabilities of the U.S. steel industry.

Now, let’s take a closer look at how the results of the presidential election might affect Korean steel exports.

A Harris administration could feasibly look to impose a system of carbon tariffs,similar to the Carbon Border Adjustment Mechanism being phased in by the European Union.

슬롯 게임 could influence other countries to adopt similar policies,

which could end up posing a significant threat to the Korean steel industry, which relies heavily on exports of carbon-intensive steel plate.

If Trump and the Republicans win, Korea should prepare itself for stricter enforcement of Section 232 of the Trade Expansion Act, which authorizes the president to control imports of goods or materials deemed a threat to national security.

Korea has maintained a steel trade surplus with the U.S. since 2018 despite Section 232, which puts it in an awkward position as an advocate for trade deregulation.

Overall, Trump would be likely to impose stricter origin reporting requirements on products exported to the U.S.,

and a GOP administration would be more inclined to conduct rigorous investigations and tariffs aimed at preventing indirect exports of sensitive goods and materials.

These and other measures could pose a considerable burden on Korean steel exports and complicate efforts to establish operations in the U.S. through value chain integration.

Demand for Korean steel is stagnating even as global competition grows fiercer by the day.

To minimize the potential negative impacts of the upcoming U.S. presidential election,

the Korean steel industry needs overseas investment, export, and supply chain restructuring strategies to guide decision-making in the event of either election outcome.

Korean also needs to strengthen its trade diplomacy.

The ongoing shift toward green steel production is inevitable,

and all players in the Korean steel sector should focus their efforts on decarbonizing steelmaking and enhancing the competitiveness of green Korean steel.

Today, we have explored the potential impacts of the 47th U.S. presidential election on the Korean steel industry and the way forward for Korean steelmakers.

We appreciate your continued interest in the Korea Institute for Industrial Economics & Trade슬롯 게임;s research on the steel industry.

Visit our website at at http://www.슬롯 게임.re/kr/en,
or find us on SSRN, Instagram, and YouTube. Have a good one!

Regardless of the outcome of the 47th U.S. presidential election,

it is imperative to proactively strengthen measures to counter China‘s influence in the semiconductor supply chain, particularly regarding NAND flash technology.

Hello, I'm Kyung Hee Kwon from the ICT and Emerging Industry Division of the Korea Institute for Industrial Economics and Trade (KIET)

In 슬롯 게임 video I will discuss how the 2024 U.S. presidential election affects Korea’s semiconductor industry

and what Korea can do in response.

The CHIPS and Science Act of 2022 reshaped the global semiconductor landscape around American interests.

When a new administration takes over, there are concerns about how it might affect 슬롯 게임 law and its many provisions.

However, I don’t see significant differences between the candidates on 슬롯 게임 issue.

Some worry that a Trump presidency could lead to reduced CHIPS and Science Act subsidies and tax credits for Korean companies investing in U.S. facilities.

But the CHIPS Act itself was originally designed and promoted during the Trump administration.

Semiconductors are the cornerstone of artificial intelligence (AI) and related advanced industries, and represent Korea슬롯 게임;s flagship industry.

While a Trump victory might introduce some uncertainties, the risk of him eliminating or reducing support for major Korean companies seems low.

In fact, regardless of the outcome of the presidential election 슬롯 게임 year,

it seems increasingly likely that the U.S. will eventually pass another federal-level semiconductor support law.

One candidate is the Semiconductor Technology and Research (STAR) Act, a bill that offers a 25% tax credit to U.S. fabless companies.

The STAR Act was proposed mostly by members of the House Select Committee on Strategic Competition with China.

A more pressing concern is the rapid rise of Chinese semiconductor companies, which are becoming increasingly independent and self-sufficient.

For example, Huawei smartphone shipments, which declined significantly during the Trump administration,

grew by a remarkable 170.4% from the first quarter of 2023 to the first quarter of 2024.

Even accounting for shipments of phones sold by former subsidiary Honor, Huawei sales are still below the 2019 peak of 240 million units.

However, shipments are expected to rebound significantly in 2024, reaching between 100 and 150 million units.

HiSilicon, Huawei‘s fabless chip design subsidiary, saw a remarkable 500% increase in sales in 2023, despite the global semiconductor downturn.

The reason the smartphone market is so important is because it is a crucial sales channel for Korean semiconductor manufacturers.

Annually, somewhere around 1.2 to 1.3 billion smartphones are shipped globally.

Samsung Electronics and Apple account somewhere under 600 million, while Chinese companies like Huawei, Xiaomi, Oppo, and Vivo make most of the remaining 800 million or so smartphones.

Currently, Chinese firms that design and manufacture smartphone components have a negligible share of 슬롯 게임 enormous market.

But if major smartphone OEMs start putting SMIC-manufactured APs designed by HiSilicon, NAND flash memory from Yangtze Memory (YMTC), and DRAM from Changxin Memory (CXMT) in their phones,

the chip sectors of Korea, the US, Japan, and Taiwan are all going to be faced with a major crisis.

We can already see the warning signs in the NAND memory sector.

In 2023, the global electronics and semiconductor markets contracted, and Samsung and SK Hynix both saw NAND sales plummet by over 30%.

In 슬롯 게임 punishing environment, only YMTC saw its sales actually increase, posting modest growth of 4.3%, with revenues reaching USD 2.2 billion.

This brought its share of the global NAND market to 5.9%, up from 3.6%.

슬롯 게임 shows us that China’s chipmakers are making some headway, and with the establishment of China’s third “Big Fund” for semiconductors

— this one valued at more than USD 50 billion — the Chinese threat to the top five global NAND companies is growing more menacing.

The Biden-Harris administration is prioritizing advanced manufacturing and AI technology exports,

but its measures against China‘s ICT device manufacturing sectors,

which are the most important semiconductor sales channels for Korean chipmakers, seem less stringent than those of the Trump administration.

Given that China is a major market for advanced semiconductors, a failure to contain its chip technology could pose a substantial threat.

Regardless of the outcome of the 47th U.S. presidential election,

it is imperative to proactively strengthen measures to counter China‘s influence in the semiconductor supply chain, particularly regarding NAND flash technology.

To 슬롯 게임 end, enhancing cooperation among Korea, the United States, and Japan on export controls for ultra-low temperature etching equipment and related materials is crucial.

These components are essential for the mass production of high-layer NAND flash (400 layers or more), a technology that will play a pivotal role in the future AI era alongside high-bandwidth memory (HBM).

The swift implementation of these measures is urgently needed to ensure their effectiveness.

That concludes my summary of some of the major issues regarding the potential impact of the 47th US presidential election on the semiconductor industry.

Thanks for watching, and I invite you to keep up to date with the latest research on the chip sector from the Korea Institute for Industrial Economics and Trade.

Visit us at http://www.슬롯 게임.re.kr/en. You can also find us on SSRN, YouTube, and Instagram.
Have a good one!

Korean batterymakers have managed to stake out a sizable share of the US market.

But if growth in the EV sector slows even further under a Trump administration, the performance of Korean firms in the U.S. market could suffer.

Hello. My name is Kyung In Hwang.

I study the battery sector as a researcher in the System Industry Division at the Korea Institute for Industrial Economics and Trade (슬롯 게임).

Today, I will discuss the potential impacts of the 47th U.S. presidential election on the Korean battery industry and explore how Korea might respond to these changes.

The battery industry has recently experienced a slight slowdown as the electric vehicle (EV) market enters what is known as the “chasm” — a period of stalled growth that occurs just before mass adoption.

Despite 슬롯 게임 temporary decline in growth, the battery industry is expected to maintain a positive overall trajectory in the long run,

as it remains a key technology for the carbon-neutral and electrified future of industry.

The battery industry is one of Korea's flagship sectors, with Korean battery companies showing strong performance and holding significant market shares in both the U.S. and Europe.

However, the upcoming U.S. presidential election in November represents a major wild card variable that could shape the future development of the entire Korean battery industry,

as Democratic candidate Kamala Harris and Republican candidate Donald Trump have diametrically opposed viewpoints on batteries and EVs in general.

Let슬롯 게임;s begin by examining the positions of Harris. She is expected to continue the Biden administration슬롯 게임;s eco-friendly policies and climate change initiatives.

And few expect that, if elected, Harris would seek to amend the provisions of the Inflation Reduction Act (IRA), which has been credited with significantly boosting battery demand in the United States.

Korean batterymakers recently usurped their Japanese competitors to take the lead in the U.S. battery market.

Many analyses attribute 슬롯 게임 success to the IRA’s battery provisions, such as tax credits for eco-friendly vehicles, which have worked to Korea’s advantage.

Assuming a Harris administration keeps the IRA in its current form, Korean battery companies are likely to maintain their strong position in the U.S. market.

On the other hand, Trump is fundamentally skeptical of green energy and EVs and has criticized the IRA.

And so a Trump victory would be more likely to pose an immediate threat to the Korean battery industry.

Despite the EV chasm and intense competition from Chinese companies,

Korean batterymakers have managed to stake out a sizable share of the US market.

But if growth in the EV sector slows even further under a Trump administration, the performance of Korean firms in the U.S. market could suffer.

Furthermore, if Trump follows through on his promise to roll back the IRA, Korean companies that have made substantial investments in the U.S.

with the expectation of government support and future profits will need to undertake an urgent and comprehensive reassessment of their strategies.

Yet, the IRA does enjoy a broad base of support, and 슬롯 게임 includes support from Republican-led regions that benefit from it.

슬롯 게임 makes its outright repeal unlikely.

Nevertheless, Trump could use executive orders to minimize its effectiveness.

How should Korean companies in the battery industry respond to a potential Harris or Trump victory?

If Harris is elected, she is expected to continue pursuing a "de-risking" policy toward China, incentivizing American firms to diversify their supply chains away from America슬롯 게임;s main geopolitical rival.

A Harris administration would likely continue to enforce Foreign Entities of Concern (FEOC) guidance.

In response, Korean battery companies should focus on diversifying their sources of battery minerals and materials and work towards internalizing more of the battery supply chain.

To facilitate 슬롯 게임, the Korean government could expand support for domestic production of critical battery inputs sensitive to IRA provisions, such as graphite.

If Trump takes office, the industry must gird for a potential slowdown in the growth of the EV market.

To help batterymakers weather a Trump storm, the Korean government could support battery manufacturers by propping up demand in other battery sectors, such as energy storage systems (ESS) and urban air mobility (UAM).

Tax incentives and subsidies could encourage Korean battery companies to continue investing as the EV market bridges the chasm.

Regarding the IRA, both public and private stakeholders in the battery sector should quantify the economic impact of Korean investments in various U.S. regions

and use 슬롯 게임 information as leverage in future negotiations related to the IRA.

슬롯 게임 concludes my brief summary of the potential impacts of the 47th U.S. presidential election on the battery industry.

We appreciate your continued interest in the Korea Institute for Industrial Economics & Trade's research on the battery industry.

Visit us at http://www.슬롯 게임.re.kr/en, or find us on SSRN, Instagram, and YouTube. Thanks!

Hello, I am Kyoung You Kim,

Director of the System Industry Division at the Korea Institute for Industrial Economics and Trade (슬롯 게임).

Today, I will provide a brief overview of the impact of the 47th U.S. presidential election on the Korean automotive industry

and discuss how Korea could respond to either a Trump or Harris victory.

In 2023, domestic Korean automakers shipped 65% of their production to markets overseas,

with just about half of all exports bound for the U.S. Export destinations for electric vehicles (EVs) are more diverse,

and in general Korean EV sales are not as heavily dependent on the U.S. market as internal combustion engine (ICE) sales,

but US demand for Korean EVs has been growing rapidly, with market having averaged 88% growth from 2019 to 2023.

The U.S. automobile market is crucial to Korea슬롯 게임;s automotive industry and broader economy,

and 슬롯 게임 means the upcoming U.S. presidential election in November,

whatever the outcome, will have a significant impact on various aspects of our automotive industry, including exports.

Environmental regulations are the salient distinguishing feature between the platforms of Democratic candidate Kamala Harris and GOP candidate Donald Trump.

Harris is likely maintain the Inflation Reduction Act (IRA)슬롯 게임;s subsidies for EV purchases and EV manufacturing,

but Trump is expected to reduce or eliminate them, believing that that EVs harm the US automobile industry and even the American economy as a whole.

Weaker environmental regulations would likely retard demand growth for EVs in the US,

which would in turn have a negative impact on Korean automobile companies actively investing in EV development and production both domestically and stateside.

However, Korean automobile companies are also highly competitive in hybrid vehicles, which are expected to replace some demand for EVs.

In 슬롯 게임 way, they should be able to shrug off some of the negative impact of weaker EV demand.

If elected, Trump is expected to strengthen protectionist policies and apply a universal tariff on imported goods.

The Korean automobile industry recorded a trade surplus of USD 28.9 billion with the U.S. in 2023.

슬롯 게임 means it is likely to be included on any list of countries subject to universal tariffs under the pretext of protecting the US automobile industry.

Korean automakers would jellylike experience an overall decline in exports of finished vehicles and parts.

In terms of supply chain policy, both the Harris and Trump camps are pursuing a strategy of isolating China.

The Korean auto sector could step to to fill at least some of the vacuum left by China.

While the Democratic Party is focusing on parts and materials for electric vehicles,

the Republican Party is expected to more broadly seek to isolate and exclude China from the global trader order in all auto parts sectors.

If 슬롯 게임 were to come to pass, Korea should make sure its automakers are in a position to capitalize.

If Harris takes office, Korean companies will need to strengthen their presence in the U.S. EV market.

슬롯 게임 will require strategic negotiations to ensure that the IRA subsidies favor Korean exports and products, as well as efforts to enhance the competitiveness of Korean EVs.

On the other hand, if Trump is elected, there is a real risk that he slaps even higher tariffs on imported autos.

슬롯 게임 means Korea needs to prepare to conduct intensive trade diplomacy with the US to minimize the impacts of these duties.

We also need to continuing diversifying export markets for Korean cars, trucks, and buses.

Both Harris and Trump are likely to continue the preceding administrations policy of Chinese containment, particularly in the EV supply chain.

Korean companies should focus on diversifying their supply chains and enhancing domestic production capacity.

Only by doing so can they hope to become leaders in the rapidly shifting global automotive supply chain.

슬롯 게임 concludes our discussion on the potential impacts of the 47th U.S. presidential election on the automotive industry and Korea’s response.

We appreciate your continued interest in automotive industry research by the Korea Institute for Industrial Economics & Trade.

Visit us at http://www.슬롯 게임.re.kr/en, or find us on SSRN, Instagram, and YouTube.

To enhance Korea슬롯 게임;s economic and industrial competitiveness amid chronic low growth, internal reforms are crucial.

However, it is equally important to take advantage of the shifting international political landscape.

Hello, this is Kyung Hee Kwon from the ICT & Emerging Industry Division of the Korea Institute for Industrial Economics and Trade (KIET).

The 47th presidential election of the United States, set to be on November 5 of 슬롯 게임 year, is just two months away.

The presidential election is currently a two-way race between Democratic Party candidate (and current Vice President) Kamala Harris and GOP nominee Donald Trump.

The race was shaken up following President Joe Biden's withdrawal, with the Democratic Party rallying behind Harris.

Shortly after, presidential hopeful Robert F. Kennedy Jr. dropped out and declared support for Donald Trump.

Recently, Korean government institutions, universities, and various research institutes called for a timely research report on the potential impacts of 슬롯 게임 critical election on Korean industry.

The findings of the research I will describe in this video constitute 슬롯 게임’s response to these calls.

Let슬롯 게임;s take a look at some of the key differences in the views and positions of Harris and Trump on major issues.

First up, we슬롯 게임;ll talk about the candidates슬롯 게임; strategies with regards to China.

Harris is expected to continue pursuing the Biden administration슬롯 게임;s so-called “de-risking” strategy.

Here, the focus has been on maintaining American technological superiority by restricting exports in advanced strategic sectors such as semiconductors, quantum computing, and artificial intelligence,

while still benefiting from the importation of low-cost manufactured goods from China.

But the current administration has also engaged in some protectionist measures.

For one, it kept the 25% duty on USD 350 billion worth of Chinese imports that was first imposed during US-China trade negotiations under Trump.

And just 슬롯 게임 May, the Biden administration hiked tariffs on USD 18 billion worth of Chinese imports, with 슬롯 게임 round of duties focusing on electric vehicles, batteries, steel, and aluminum.

슬롯 게임 suggests that Harris, herself a key member of the Biden administration, may favor a strategy of strategic and targeted tariffs on China

if she were to become President, raising or lowering duties selectively to advance the interests of key domestic industries.

슬롯 게임 is a flexible approach, especially in comparison to her opponent.

The Trump camp is advocating for a strategic decoupling from China. Under the International Emergency Economic Powers Act of 1977,

the Trump campaign has proposed not only a 10% universal tariff on all Chinese imports,

but also reciprocal tariffs, a 60% tariff on Chinese goods, and the removal of most-favored-nation status.

슬롯 게임 tells us that Trump would seek not only to reduce trade with China but to sever ties wherever possible, including in R&D, labor, and investment.

And 슬롯 게임 decoupling extends beyond China: major economies including Korea, Japan, and Europe would also be affected, as Trump demands balanced trade and “reciprocity” from all trading partners.

Korea is particularly worried about potential US tariffs on its automobile and steel industries.

Next, we‘ll discuss the two candidates‘ environmental views.

Harris and Trump present sharply contrasting positions on environmental policy and the green transition.

If Harris is elected, it is expected that she will continue pursuing the Green New Deal measures of the Biden administration,

which include efforts to tackle the climate crisis through investments in de-carbonization and the expansion of green industrial policies.

A Harris victory would likely ensure that some of the core provisions of the Inflation Reduction Act (IRA) are upheld, such as its production tax credits and electric vehicle (EV) subsidies.

슬롯 게임 could benefit Korean battery companies, as it would allow them to continue investing in domestic facilities and help protect their future profitability.

However, stronger environmental policy raises concerns that the US could erect carbon-related non-tariff barriers, which would have a major impact on Korea슬롯 게임;s steel and chemical industries.

On the other hand, if Trump wins, we could see the growth of the EV market contract even more, due to his climate skepticism and his focus on supporting the fossil fuel industry.

The ultimate fate of the IRA heavily depends on the outcome of the general election on November 5.

Third, we will discuss the two candidates슬롯 게임; foreign policy platforms.

The Harris camp is likely to focus on containing both China and Russia while maintaining and strengthening support for Ukraine and NATO.

슬롯 게임 approach reflects an internationalist stance that emphasizes cooperation and collaboration with allies and partner nations.

In contrast, Trump prioritizes aggressively containing China, but at the same time would look to reduce support for Ukraine and bring about an end to the conflict with Russia.

He would also try to get US allies to pay more for US military protection.

슬롯 게임 reflects a more isolationist approach compared to that of Harris and the Democrats.

The outcome of 슬롯 게임 election is likely to have a significant impact on the future of Korean defense industry exports and Korean defense firms’ prospects for integrating into defense supply chains in the US and elsewhere.

Finally, we슬롯 게임;ll review some of the domestic economic proposals of the candidates, which is where we will observe the sharpest contrasts between them.

Harris has sparked significant debate both domestically and internationally with her proposal to raise the corporate tax rate for high-income earners and corporations,

including a 25% tax on unrealized capital gains for those with net assets of USD 100 million or more.

To address economic inequality, she has pledged not to increase taxes for individuals earning USD 400,000 or less annually,

expand tax deductions for families with newborns and for low- and middle-income households,

and to institute policies to mitigate the financial burden of purchasing homes, paying tuition, and covering medical expenses.

Harris has also suggested implementing price controls on companies that produce and distribute essential goods to curb inflation and rising prices.

These proposals stand in sharp opposition to those of Trump and the Republicans.

In contrast, the Trump camp is pushing traditional Republican strategies to boost economic growth and job creation through broad tax cuts and deregulation.

The GOP standard-bearer is pushing to extend or permanently enact the 2017 Trump tax cuts, which are set to expire in 2025.

Trump has identified high oil prices as a key driver of inflation, and arguing from a supply-side perspective,

proposes that expanding shale gas and oil production will help the US achieve energy independence and lower production costs.

The two candidates also diverge when it comes to healthcare policy.

Harris plans to expand public health insurance and lower drug prices through negotiations between pharmaceutical companies and public insurance providers, with the power granted to the government via the IRA.

Trump, on the other hand, advocates for lowering drug prices by fostering competition among domestic and international pharmaceutical companies,

while also seeking to lower public spending on health insurance to kickstart economic growth.

Despite these differences, both parties are expected to support policies that encourage the introduction of biosimilars to reduce healthcare costs.

슬롯 게임 means that exports of Korea’s leading biopharmaceutical companies — which specialize in biosimilar production — are unlikely to be significantly impacted, even if Trump is elected.

In 슬롯 게임 video, I have sought to highlight some of the major differences between Harris and Trump and what kind of impacts a Harris or Trump victory could have on Korean industries.

For a more in-depth exploration of the topic, please refer to our full report, available at our Web site.

As the US-China strategic competition intensifies, the global division of labor is refashioning itself across the world,

and 슬롯 게임 transformation of the global economy will have ripple effects that reach across all industries over the next 30 years.

To enhance Korea슬롯 게임;s economic and industrial competitiveness amid chronic low growth, internal reforms are crucial.

However, it is equally important to take advantage of the shifting international political landscape.

슬롯 게임 researchers are committed to providing you with valuable insights.

We appreciate your continued support for the Korea Institute for Industrial Economics and Trade.

Visit us at www.슬롯 게임.re.kr/en, or find us on SSRN, Instagram, and YouTube.

Thanks!