President Moon Jae-in has again called for the strengthening of the country's parts and materials industry,... which he says is crucial to the Korean economy.<br />He was speaking this morning in a Cabinet meeting, held unusually at a government-funded research institute that focuses on localizing technologies.<br />Park Hee-jun has the details. <br /> President Moon Jae-in has reaffirmed his government's determination to strengthen South Korea's competitiveness in parts and materials.<br />According to the president, in a Cabinet meeting Tuesday, the next century of the Korean economy depends on it.<br /><br />"Strengthening our competitiveness in parts and materials is a strategic task for us to become a economic powerhouse. Beyond the issue of Korea-Japan relations, it creates a framework for the Korean economy for the next 100 years."<br /><br /> President Moon says strengthening the industry, especially through localization,... will allow Korea to rebound as a manufacturing powerhouse.<br />And because the producers of industrial materials are mostly smaller companies,... nurturing the industry will mean nurturing those firms.<br />The president explained that it will lead to more collaboration between companies large and small.<br />He added that it could help respond to the growing uncertainties in the global economy and rising trade protectionism.<br /><br /> The Cabinet also approved the launch of a presidential committee on enhancing local competitiveness in those sectors,... as a response to Japan's trade restrictions.<br />President Moon says it will lead efforts to support relevant firms and policies.<br />He also vowed to double government funding for related R&D next year.<br />For that, Seoul's trade ministry reported to the president that it will inject around 183 million U.S. dollars into the supplementary budget.<br /><br /> Instead of gathering at the Blue House as usual,... the Cabinet met at the Korea Institute of Science and Technology in Seongbuk-gu, northeastern Seoul.<br />The institute has been spearheading the localization of technology -- producing miraculous developments, according to Moon,... in steel, shipbuilding, semiconductors, and cars.<br />The President inspected its progress in localizing parts and materials technology.<br /><br />"Are Japanese parts and materials absolutely required in this process?"<br /><br />"These three pieces of equipment are from France and the U.S. We don't need to import materials for this."<br /><br /> Later in the day, President Moon made a surprise visit to a one-stop service center at the Korea Chamber of Commerce and Industry,... which helps Korean firms in their difficulties getting supplies of key parts and materials due to Japan's export curbs.<br /> The president asked that the center continue to swiftly assist the companies in resolving their problems.<br />Park Hee-jun, Arirang News. <br />
