South Korea to spend nearly $6.5Bln to reduce industrial dependence on Japan

South Korea to spend nearly $6.5Bln to reduce industrial dependence on Japan
# 05 August 2019 11:05 (UTC +04:00)

"We will upgrade the competitiveness of the materials, parts and equipment industries," South Korean Economy and Finance Minister Hong Nam-ki, said, APA reports citing Sputnik.

South Korea plans large-scale investments in the amount of 7.8 trillion won ($6.47 billion) to launch production of hundreds of strategically important products in order to reduce dependence of some industries on supplies of materials and components from Japan by 2024, the Yonhap news agency said on Monday.

According to the publication, South Korea's deficit in trade with Japan amounted to $24.1 billion in 2018, including $22.4 billion spent on the purchase of industrial materials, parts and equipment.

On Friday, Tokyo decided to remove South Korea from the list of trade partners that have preferences in importing Japanese technologies and high-tech products. Last month, Japan also introduced restrictions on South Korean exports of fluorinated polyamides, photoresists and hydrogen fluoride, three key materials for producing memory chips and smartphones. The move is believed to be a response to a South Korean court ruling, making Japanese companies pay compensation to South Korean forced labor victims during the 1910-1945 Japanese rule of Korea.

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