Friday, November 15, 2019
Korean Government to Expedite Domestic Technological Development to Reduce Dependence on Imports
A Move to Cope with Japan's Export Restrictions
Korean Government to Expedite Domestic Technological Development to Reduce Dependence on Imports
  • By Jung Suk-yee
  • July 5, 2019, 08:51
Share articles

The South Korean government will expedite the domestic development and commercialization of the materials, components and equipment highly dependent on imports.

The South Korean government is planning to review its projects related to the development of industrial materials, components and equipment with regard to Japan’s export restrictions on hydrogen fluoride, fluorine polyimide and photoresist.

“We are going to expedite the technological development, commercialization and demonstration projects so that more of the materials, components and equipment highly dependent on imports can be domestically supplied,” said Vice Minister of Strategy and Finance Koo Yoon-chul, adding, “At the same time, we will try so the National Assembly can take those that can be launched within this year into account during its deliberation on the supplementary budget and take the rest into account during its deliberation on next year’s budget.”

The government is going to provide liquidity support so already developed items can be mass-produced and conduct demonstration tests for reliability verification with potential clients as to technologies in the phase of commercialization. In addition, it is going to keep assisting with investment in items requiring more R&D.

“We will do our utmost so that the repercussions of Japan’s export restrictions can be minimized,” the government said, adding, “Also, we will make the most of this opportunity for domestic technological development and import source diversification.”