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Enhancing Industrial Competitiveness through Strategic Technology Investments

The European Union (EU) and South Korea have launched two initiatives aimed at enhancing their industrial competitiveness by investing in critical technologies. This article explores the EU’s Strategic Technologies for Europe Platform (STEP) and South Korea’s National Strategic Technology Planning (NSTNP), highlighting their approaches to mission-oriented investments.

Strategic Technologies for Europe Platform (STEP)

Launched by the EU, STEP aims to enhance its industrial competitiveness by developing critical technologies for a sustainable future. The initiative focuses on reducing dependencies across three areas of critical technologies:

  • Critical Raw Materials: Developing secure and sustainable supply chains for essential materials.
  • Cybersecurity: Enhancing cybersecurity measures to protect against emerging threats.
  • Artificial Intelligence: Investing in AI research and development to drive innovation.

National Strategic Technology Planning (NSTNP) of South Korea

The NSTNP aims to enlarge South Korea’s strategic technology fields and increase its competitive edge in potential frontrunner sectors. The initiative targets eight strategic technology fields:

  • Autonomous Vehicles: Developing cutting-edge autonomous vehicle technologies.
  • Biotechnology: Investing in biotech research and development for healthcare and agriculture.
  • Energy: Enhancing energy efficiency and developing renewable energy sources.
  • Food Technology: Developing innovative food processing and packaging technologies.
  • Materials Science: Creating new materials with unique properties for various industries.
  • Nanotechnology: Exploring the potential of nanotechnology in various fields.
  • Quantum Computing: Investing in quantum computing research and development.
  • Semiconductors: Developing advanced semiconductor technologies.

Collaborative Investment Platforms

Both STEP and the NSTNP involve mission-oriented investments, but with different approaches. To fill gaps in capacities and accelerate investment in critical technologies, consider establishing a joint investment platform between private companies in South Korea and the EU. This collaborative approach can help:

  • Facilitate mutual investment: Leverage expertise and resources from both markets to invest in technology sectors where one market lags.
  • Fill capacity gaps: Rely on an external trustworthy partner to fill capacity gaps, rather than reinventing the wheel from scratch.

Successful Collaboration Examples

The Quad Initiative’s QUIN model (Quad Investors Network) and the EU-LAC Digital Accelerator provide examples of successful collaboration between investors, corporations, and public institutions to accelerate investment in critical technologies. By emulating these models, stakeholders can foster a more effective and efficient approach to strategic technology investments.