Export restrictions on Japan to take effect next month
Aug. 23, 2019
Global Korean Post
By Jung Joo-ri and Lee Jihae
The Ministry of Trade, Industry and Energy on Aug. 19 announced that it will implement next month restrictions on the export of strategic materials to Japan.
Minister Sung Yunmo told a meeting of the ruling Democratic Party of Korea’s special committee on self-reliance in material components, “Over 20 days, we will revise amendments so that they impose stronger trade restrictions on the export of strategic materials to Japan. They will be implemented from September.”
Earlier on Aug. 12, the ministry had revised the government’s whitelist of preferential trading partners and placed Japan in a new category requiring stronger inspections in the trade of strategic materials with Korea.
The ministry also announced plans to conduct projects to boost domestic research and development (R&D) capacity. “The ministry has amended its policies toward facilitating innovative R&D. We will apply these policies to expand R&D projects by late August,” Sung said.
“To expedite large-scale R&D projects, we are also pressing ahead with procedures to exempt preliminary feasibility tests.”
The minister also announced plans to upgrade old semiconductor facilities at universities and laboratories and install innovative material component labs at the campuses of public colleges nationwide.
“To implement sustainable and effective policies, the government is establishing a pan-government material component committee and discussing the revision of a special law on strategic materials,” he added.
“We will work with government branches to smoothly carry out our latest policies and strengthen national industrial competitiveness.”