South Korea’s Ministry of Economy and Finance outlined a structural reform agenda covering steel industry modernization, measures to reduce vacancies in knowledge industry centers and an interagency crackdown on trade based financial crime. The government plans to publish a steel modernization strategy in the fourth quarter, focused on artificial intelligence enabled manufacturing, higher value products such as specialty steel and lower carbon production centered on hydrogen reduction steelmaking. Vacant or unsold knowledge industry centers could be converted into public rental housing for young people and newly married couples. The government also plans to allow all businesses other than specifically restricted sectors to occupy the centers, while tightening controls on misleading sales advertising and prohibiting the subdivision and resale of ownership interests before building approval. Enforcement will target the manipulation of export records to obtain stock listings, policy financing or subsidies, as well as the mislabeling of low cost imports as domestic goods for public procurement. Relevant ministries, the Public Procurement Service and the Korea Customs Service will strengthen information sharing and link customs inspections to enforcement and regulatory changes.
2026-09-10Ministry of Economy & Finance (South Korea)
South Korea’s Ministry of Economy and Finance outlines reforms for steel, industrial centers and trade based financial crime
South Korea’s Ministry of Economy and Finance outlined reforms to modernize steel production, broaden permitted uses of knowledge industry centers and reduce vacancies. The government will also establish an interagency framework targeting manipulated trade records, subsidy and policy finance fraud, and false country of origin claims in public procurement.