The South Korean government has announced it's going to invest more than one-point-six billion U.S. dollars a year to strengthen the competitiveness of local companies making the key materials, parts and equipment cut off by Japan's trade curbs.<br />Our Hong Yoo has the details.<br />Marking 100 days since Tokyo slapped export curbs on South Korea, Seoul's Finance Minister Hong Nam-ki announced on Friday at the first competency committee meeting for key industrial materials, parts and equipment, that the government will draw up a priority list of supplies for investment and prepare a customized strategy to cope with the export curbs.<br />In order to push ahead systematically with the strategy, the government has three main plans.<br />First, 1-point-6 billion U.S. dollars a year will go into strengthening the competitiveness of firms producing key industrial materials, parts and equipment.<br />The government will promote the revision of a special law that serves as the legal basis for the measures by the end of 2019.<br />Also, it will find cooperative models between companies and provide customized aid for firms that implement such solutions.<br />227 million dollars from the extra budget has been approved for this.<br />Lastly is securing the supply chain of goods on the priority list.<br />Hong said pan-governmental efforts to deal with Japan's export curbs have been effective in diversifying import partners and boosting private investment.<br />But the core of strengthening competitiveness of firms, according to Hong, lies in creating win-win cooperation between big companies and SMEs.<br />Before the start of this meeting, Hong asked companies some of the difficulties they are facing.<br />And the companies asked for the 52-hour workweek regulations to be eased for research and development.<br />To that, the minister said complementary measures for the 52-hour workweek will be announced within this month as some SMEs are having difficulties following the system.<br />Hong Yoo, Arirang News.<br />
