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Green light for eco-friendly businesses under Biden
时间:2020-11-09 09:55来源:未知 作者:admin 点击:
With Joe Biden winning the U.S. presidential election, the green light is set to be given to Korean companies engaging in eco-friendly industries such as solar energy and electric batteries, industry officials said Sunday.

The president-elect of the U.S. is expected to try to decrease trade uncertainties and work on restoring multilateral trade relations with allies after he is sworn into office on Jan. 20, 2021. Therefore, the country's semiconductor business, which accounts for almost 20 percent of the total export value, is forecasted to remain strong under the Biden administration.

Biden pledged to spend around $2 trillion in expanding infrastructure, electric vehicles and renewable energy. He said his administration will come up with policies that would lower emissions from transportation as he aims to use 100 percent clean energy and have zero emissions by 2050.

Under the vision, Biden pledged to build 5 million new electric car charging stations by the end of 2030 as well as installing 500 million solar panels around the country.

Industry officials said the new U.S. president will boost the Korean government's attempts to take the renewable energy business such as solar and wind power and electric vehicles (EVs) as its next economic growth engines.

However, Biden's stance to boost eco-friendly businesses would place Korea's carbon-intensive industries under pressure as the president-elect is expected to introduce stricter environmental policies highlighted by carbon adjustment fees.

Though the president-elect hasn't announced specifics, industry analysts said the demands to cut emissions will become stronger, which consequently will require Korean steelmaking, petrochemical and cement industries to either bear the costs or come up with new technologies to cut emissions.

Forecasting the future business environment for the semiconductor industry, one of the core export items of the country, industry officials said there will be not much difference under the Biden administration as the country has established a specialized competence.

They also said the U.S. administration's ongoing hawkish stance towards China in terms of trade is expected to be maintained.

"Compared to other industry sectors, the chip industry has been relatively less affected by political affairs," said Lee Jong-hwan, a semiconductor engineering professor at Sangmyung University. "In the semiconductor business, memory chips account for around 25 percent while system memory chips account for the rest, and I think there will be not much difference in the chip industry under the new U.S. administration."

The professor added bringing fundamental changes to the semiconductor industry won't be easy.

"Several years ago, the Trump administration unveiled a plan that it would build an LCD factory manufacturing displays for large-sized TVs in the U.S. This was a part of the Trump administration's plan to nurture local manufacturing, but look what happened to the plan years after that. The plan didn't work as anticipated," he said. "There would be no difference in the memory chip business where Korea shows dominance."

When the U.S. started a trade war against China, imposing strengthened sanctions on Chinese firms, semiconductor firms here have paid keen attention to the issue to agilely respond to the changing business conditions.

The strained relations between China and the U.S. reached a climax this summer when Washington imposed new restrictions, banning the Chinese company from using American technologies for semiconductors.

Due to the sanctions, Huawei is not able to manufacture its own chipset used for smart devices with the help of U.S. firms or companies that use U.S. technologies or software, which increased business uncertainties.

Regarding this issue, an industry official working in the semiconductor industry forecasted that the U.S. government's ongoing stance towards China won't be changed.

"It is too early to say something because there is no detailed information about what will be changed regarding the chip industry. But we don't think the U.S. administration's position towards China will be changed under the new president," the official said.

The country's business lobby group showed a welcoming attitude towards the president-elect. The Federation of Korean Industries (FKI), the country's largest business lobby representing around 600 companies here, announced it expects the cooperation between Korea and the U.S. would be strengthened under the Biden administration.

"Under the new administration led by President Joe Biden, we expect the two countries would cope with the COVID-19 crisis and strengthen cooperation in national security and economy based on the firm Korea-United States alliance," the FKI said in a statement, Sunday.

Further elaborating on economic issue, the business lobby group said it hopes the president-elect would perform his role to boost the once-waning values of multilateral engagement and alliances.

"We expect the new U.S. president will boost the value of the multilateral international order and play an active role to lead the development of the market economy so that he can consequently contribute to the development of not only Korea and the U.S. but also the world," the FKI said.

"As Korea's representative business group operating private economic cooperation channel between the two countries of the two countries for more than past 30 years, we will also do our best to expand economic cooperation and promote friendship."
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