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S. Korea to spend 5 tln won to nurture parts, materials industries by 2022

Politics 09:05 August 28, 2019

SEOUL, Aug. 28 (Yonhap) -- South Korea plans to inject more than 5 trillion won (US$4.1 billion) into its support of the local parts and material industries by 2022 to tackle Japan's export curbs against the South, officials said Wednesday.

The move is aimed at stabilizing the supply channel of parts, materials and equipment, and spurring their localizations as South Korea seeks to reduce heavy reliance on imports of key Japanese materials.

The decision was announced after senior officials from the presidential office Cheong Wa Dae, the government and the ruling Democratic Party (DP) held a meeting to cope with Japan's trade restrictions.

Under the scheme that will run from 2020 to 2022, the government plans to select more than 100 vital industrial materials, parts and equipment to foster related research and development (R&D) projects by the end of this year.

The government will also help speed up the implementation of three R&D projects worth 1.9 trillion won, which have recently received the government's waiver for preliminary feasibility studies.

Earlier this month, Japan removed South Korea from a "whitelist" of trusted trading partners in a follow-up to its July imposition of export curbs of key high-tech materials against South Korea. Tokyo's "whitelist" removal will take effect Wednesday.

Senior officials from the presidential office Cheong Wa Dae, the government and the ruling Democratic Party hold a meeting at the National Assembly on Aug. 28, 2019, to discuss ways to cope with Japan's export curbs against South Korea. (Yonhap)

sooyeon@yna.co.kr
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