South Korea will reduce permitting and impact-assessment procedures for Hyundai Motor’s conversion of its Ulsan combustion-engine plant into an electric-vehicle-focused facility to within one year from more than three years. The approximately 4 trillion won project is part of a 7.9 trillion won package for stalled corporate investments, announced at Deputy Prime Minister and Minister of Finance and Economy Lee Hyoung-il’s first economic ministerial meeting on October 1. The government also plans to reform the Onnuri Gift Certificate system, provide up to 1.2 million won a year per eligible child through the Our Child Self-Reliance Fund, and pursue tax exemptions on the fund’s investment returns. Other measures include reopening a 500-gigawatt-hour annual clean-hydrogen power auction, accelerating industrial-complex and semiconductor projects, and allowing integrated electrical and telecommunications bidding during fab construction.