S. Korea to secure supply of 100 strategic core items within 5 years to counter Japan's export curbs
- 5 years ago
Let's start with the latest discussions held in Seoul in response to Japan's trade restrictions on South Korea.
Our Hong Yoo is on the line to tell us more about a crunch meeting that started a couple of hours ago.
We hear the South Korea has revealed how it plans to bolster the country's competitiveness in the face of Tokyo's trade curbs.
Yes Mark, South Korea's finance minister Hong Nam-ki announced on Monday the measures aimed at eliminating South Korea's external dependent industrial structure as part of its efforts to cope with Japan's export curbs.
South Korea plans to strengthen its supply of materials, components, and equipment to revive the nation's flagging manufacturing industry.
To do so, 100 strategic core items will be selected to secure supply based on their demand within 5 years.
South Korea will push to diversify import negotiations with various countries and try to expand local production by solving pending issues that prevent local companies from producing items that are badly needed.
In addition, the government will focus on establishing a healthy cooperation model between supply and demand chains among local companies.
Such measures will be backed by support from the government, which promised to muster all necessary assets and capabilities, like extra funding, tax relief and deregulation measures, to ease the burden on South Korean firms.
Regarding the government's stance on dealing with Japan's export curbs, Hong said the government will work hard to minimize corporate damage and uncertainty by stabilizing the short term supply of materials, components, and equipment by securing alternate import partners.
Hong wrapped up the meeting by emphasizing that Japan's removal of South Korea from its trade whitelist was an unfair economic sanction and he again urged Tokyo to retract the move.
Back to you.
Our Hong Yoo is on the line to tell us more about a crunch meeting that started a couple of hours ago.
We hear the South Korea has revealed how it plans to bolster the country's competitiveness in the face of Tokyo's trade curbs.
Yes Mark, South Korea's finance minister Hong Nam-ki announced on Monday the measures aimed at eliminating South Korea's external dependent industrial structure as part of its efforts to cope with Japan's export curbs.
South Korea plans to strengthen its supply of materials, components, and equipment to revive the nation's flagging manufacturing industry.
To do so, 100 strategic core items will be selected to secure supply based on their demand within 5 years.
South Korea will push to diversify import negotiations with various countries and try to expand local production by solving pending issues that prevent local companies from producing items that are badly needed.
In addition, the government will focus on establishing a healthy cooperation model between supply and demand chains among local companies.
Such measures will be backed by support from the government, which promised to muster all necessary assets and capabilities, like extra funding, tax relief and deregulation measures, to ease the burden on South Korean firms.
Regarding the government's stance on dealing with Japan's export curbs, Hong said the government will work hard to minimize corporate damage and uncertainty by stabilizing the short term supply of materials, components, and equipment by securing alternate import partners.
Hong wrapped up the meeting by emphasizing that Japan's removal of South Korea from its trade whitelist was an unfair economic sanction and he again urged Tokyo to retract the move.
Back to you.