Strategy for Industrial New Growth through Invigoration of Circular Economy

Country / jurisdiction: Korea · Year: 2023 · Status: In force · Level: National · Type: Voluntary

The Korean Ministry of Trade, Industry and Energy (MOTIE) announced the strategy for the swift spread of circular economy across all industries to support private sector’s shift towards carbon neutrality and efforts to develop new sources of competitiveness as well as to secure an internal supply chain for core resources. MOTIE aims to upgrade the national integrated resources management system (k-mfa.kr), establish a certification system, and uncover firms that hold promising potential for circular economy.

The strategy consists of nine circular economy projects assigned to nine major industries titled “Project CE (Circular Economy) 9” which includes:

Petrochemistry

1. Expanding the production of pyrolysis oil

2. Transition to high-quality materials

Steel and nonferrous metals

3. Maximising the utilisation of steel scraps

4. Recycling rare metals

Battery

5. Establishing the basis for recycling and reusing of battery

6. Accelerating the production and use of renewable materials

Electronics and textile

7. Introducing and implementing eco-design

Automobile and machinery

8. Boosting exports of remanufactured products

Cement

9. Securing alternative sources of fuel materials

This will entail organising and managing a consultative body composed of relevant ministries to facilitate discussions on measures for the utilisation of production process by-products and support the establishment of internal and external supply chain of renewable materials.

Official source: https://www.moef.go.kr/com/cmm/fms/FileDown.do;jsessionid=gFkn+N2NqOpac0+H-TxlMMC-.node20?atchFileId=ATCH_000000000023349&fileSn=6