SEOUL, Aug. 20 (Yonhap) -- In an effort to tackle Japan's export curbs against South Korea, the Cabinet on Tuesday approved the waiving of preliminary feasibility studies for research & development (R&D) projects designed to foster the parts and materials industries.
The approval at a Cabinet meeting hosted by Prime Minister Lee Nak-yon came as Seoul seeks to develop the local parts and materials industries to reduce heavy reliance on Japanese supplies following Tokyo's export restrictions.
The proposal calls on the government to skip preliminary feasibility studies that are under way for certain R&D projects on parts, materials and equipment.
The move is aimed at expediting the implementation of such projects and encouraging technology development.
Currently, a project worth more than 30 billion won (US$25 million) is subject to the government's preliminary feasibility studies.
Last week, officials from the presidential office, the government and the ruling Democratic Party agreed to waive preliminary feasibility studies for projects worth 1.7 trillion won this month.
Japan imposed export restrictions on exports of three key high-tech materials to South Korea in July and later removed the latter from its whitelist of trusted trade partners, sparking a trade row between the two Asian neighbors.
The move was taken in apparent retaliation against South Korea's court rulings last year ordering Japanese firms that forcefully mobilized Korean laborers during Japan's 1910-45 colonial rule of Korea to compensate victims. The delisting is set to come into effect late this month.
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