South Korea will soon finalize a plan to help speed up large-scale research and development projects in the nation’s parts and materials industries.

Trade, Industry and Energy Minister Sung Yoon-mo announced the plan on Monday during a meeting of the ruling Democratic Party's special committee for the development of domestic parts and materials industries.

The minister said that discussions are under way to revise laws on parts, materials and equipment, adding the government is seeking to set up a government committee on industry to ensure strong and consistent enforcement of related policies. 

A key component of the Trade Ministry's plan is to exempt local parts and materials industries from potentially time-consuming preliminary feasibility studies.

Sung said that the ministry has completed revising related regulations to allow drastic and innovative research and development and that it is working to secure related budget support through consultation with financial authorities. 

The minister also said during the Monday meeting that South Korea's removal of Japan from a list of preferred trade partner countries will be implemented next month after due procedures.