Legal basis:
– The Industrial Development Act.
1. Policy for Promotion of International Industrial Cooperation
The Minister of Trade, Industry and Energy may establish policies for the promotion of industrial cooperation with foreign countries for the development of domestic industry, including the following matters:
– Basic direction of international industrial cooperation;
– Ways to implement international industrial cooperation;
– Plans for cooperation between the private and public sectors to facilitate international industrial cooperation.
2. Activities of promoting international industrial cooperation
*Operation of Consultative Body on Industrial Cooperation
The Minister of Trade, Industry and Energy may promote and enhance industrial cooperation, such as the operation of a Consultative Body on Industrial Cooperation with foreign countries in order to contribute to development of the domestic industry. The Government may provide necessary support for the efficient operation of the consultative body on industrial cooperation.
*Utilization of Private Experts
The Minister of Trade, Industry and Energy may utilize experts in the private sector in each relevant field or region to promote international industrial cooperation. The expenses may be subsidized by the Government, such as traveling expenses for domestic and overseas activities performed by private experts.
*Other supports from the Korea Government
The Minister of Trade, Industry and Energy may provide necessary support, including collection and provision of relevant information, when domestic companies, schools and institutions or organizations related to industry and technology,… promote industrial cooperative activities with foreign institutions and organizations,…
Additionally, business entities may establish mutual aid associations to help each other. For example, a capital goods mutual aid association aimed at promoting voluntary economic activities between persons running capital goods industry, such as machinery, parts, and materials industry, and at providing a wide range of guarantees and quality guarantees needed for running business.
