South Korea will implement stronger measures to prevent the illegal overseas transfer of business secrets, particularly in response to intensifying global competition for advanced technologies, Finance Minister Choi Sang-mok announced on Thursday.
Choi emphasized the need to safeguard advanced technologies to enhance the global competitiveness of South Korean companies and reinforce the country’s leadership in key tech sectors. As part of these efforts, the government will establish a “big data” system at the patent agency to monitor and prevent technology leaks. Additionally, new regulations will be introduced to impose stronger penalties on those found guilty of such activities, though specific details on the penalties were not disclosed.
According to the National Intelligence Service, there have been 97 attempts to leak business secrets to foreign countries in the past five years, with 40 of these incidents involving the semiconductor industry. If these leaks had been successful, they could have resulted in losses estimated at 23 trillion won ($16.85 billion).
Last month, a South Korean executive accused of stealing semiconductor technology developed by Samsung Electronics was detained again on fresh charges related to the theft of chip processing information.
In response to growing global competition and supply chain fragmentation, South Korea has designated 12 industries as “national strategic technologies” in recent years. These industries, including semiconductors, rechargeable batteries, aerospace, and artificial intelligence, receive targeted financial support and protection from the government.
