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Finance Minister Vows Full Support to Boost Competitiveness of Parts, Materials, Equipment

Write: 2019-10-11 13:09:25Update: 2019-10-11 16:48:20

Finance Minister Vows Full Support to Boost Competitiveness of Parts, Materials, Equipment

Photo : YONHAP News

Finance Minister Hong Nam-ki said on Friday that the government will provide full support to boost the competitiveness of the parts, materials and equipment industries.

The minister presented key strategies to strengthen the three industries during an inaugural meeting of a related committee composed of government and private sector officials at the Korea Chamber of Commerce and Industry. 

The committee on the competitiveness of parts, materials and equipment went into operation on Friday, 100 days after Japan imposed export controls against South Korea. 

The minister said the government will provide fiscal support worth more than two trillion won each year to strengthen the competitiveness of the industries, while determining priorities among some 100 strategic items to provide tailored measures for each.

Hong also pledged efforts to introduce a special law within this year to secure a legislative system to implement the plans. 

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

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