Government, chemical companies discuss strategies for sustainable sector transformation
Published: 04 Mar. 2026, 13:14
Updated: 04 Mar. 2026, 17:13
![A view of the Daesan Petrochemical Complex in South Chungcheong, home to major petrochemical firms including LG Chem, Lotte Chemical and HD Hyundai Chemical [YONHAP]](https://koreaseafood.online/data/photo/2026/03/04/0767a79f-4e9b-49f9-8278-09ee2dcb72ff.jpg)
A view of the Daesan Petrochemical Complex in South Chungcheong, home to major petrochemical firms including LG Chem, Lotte Chemical and HD Hyundai Chemical [YONHAP]
The government and local chemical companies gathered on Wednesday to discuss measures to foster the high-value and environmentally friendly transition of the struggling chemical sector, the Ministry of Trade, Industry and Resources said.
The Chemical Industry Innovation Alliance, led by the Industry Ministry, and comprising major companies and research institutes, held a general assembly to discuss flagship research and development (R&D) projects to help the domestic chemical industry strengthen its competitiveness, according to ministry officials.
The government has been working to develop R&D projects for the sector under a five-year road map to make Korea's chemical industry the fourth most advanced in the world by 2030. Korea currently ranks fifth in terms of high-value transition of the chemical industry.
Under the five-year plan, the government aims to help the local industry shift from the mass production of commodity products, such as ethylene and propylene, to high-value specialty products, while supporting the sector's efforts to develop core materials for advanced industries.
The chemical sector has recently been making efforts to tackle an industrywide crisis stemming from global oversupply, with major petrochemical companies coming up with voluntary business restructuring plans.
"The government will do its utmost to provide policy support to flagship R&D projects launched through the alliance as they can help build future growth engines for the chemical industry," Song Hyun-joo, director general for industrial supply chain policy at the ministry, said in a press release.
Yonhap
with the Korea JoongAng Daily
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