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DP Decides to Add 300 Bln Won to Pending Extra Budget Bill to Respond to Japan's Trade Curbs

Write: 2019-07-11 18:59:13Update: 2019-07-11 19:03:02

DP Decides to Add 300 Bln Won to Pending Extra Budget Bill to Respond to Japan's Trade Curbs

Photo : YONHAP News

South Korea's ruling Democratic Party(DP) is seeking to secure an extra 300 billion won in supplementary budget to help the country deal with Japan’s trade restrictions. 

DP Policy Chief Cho Jeong-sik said on Thursday that the party has decided to reflect the additional need created by Tokyo's export curbs in the extra budget bill pending at the National Assembly. 

In April, the government submitted a six-point-seven trillion won supplementary budget bill to the assembly. The ruling party is now vowing to up that to seven trillion won through bipartisan deliberations. 

Cho contends the additional budget is needed to enhance the country’s self-reliance in three high-tech materials subject to Japan’s export curbs and other components and materials that are prone to possible additional measures by Tokyo. 

The extra funds will be earmarked for technology development, commercialization and mass production with companies that have a high dependence on Japanese materials and small- and mid-sized companies likely to be given top priority.

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