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S. Korea to spend 2.7 tln won on overseas M&As

Economy 09:40 September 11, 2019

SEJONG, Sept. 11 (Yonhap) -- South Korea will invest 2.7 trillion won (US$2.2 billion) in the next three years in mergers and acquisitions of foreign companies to secure industrial technology, the finance minister said Wednesday.

Hong Nam-ki, the minister of economy and finance, said the money will also be used in global research and development to secure technology in key industrial materials, parts and equipment.

The move is the latest in a series of South Korea's efforts to reduce South Korea's heavy reliance on Japan in the key industrial sector amid Japan's export curbs.

In July, Tokyo imposed tighter regulations on exports to Seoul of three materials -- resist, etching gas and fluorinated polyimide -- that are critical for the production of semiconductors and flexible displays.

Japan later removed South Korea from its "whitelist" of trusted trading partners in retaliation against last year's South Korean Supreme Court rulings ordering Japanese firms to compensate South Korean victims of forced labor during Japan's 1910-45 colonial rule of the Korean Peninsula.

entropy@yna.co.kr
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