S. Korea to use all possible means to support local firms amid Japan's trade curbs

Facing one of the most severe economic crises in many years, there is no time for rest.Officials from South Korea's ruling party, the Blue House and the government gathered Sunday to discuss how to deal with Japan's removal of South Korea from its 'whitelist' of preferred trading partners.Local authorities have agreed to take measures... including the provision of legislative and financial support for affected industries.Kim Min-ji reports.South Korea has vowed all to take all possible measures to help support local industries likely to be hit by Japan's trade curbs.The decision was reached Sunday by senior lawmakers from the ruling party and top officials from the Blue House and the government... after a meeting to discuss the next steps in dealing with Tokyo's economic retaliation.Japan on Friday decided to strip Seoul of preferential treatment in export procedures,... on top of the tougher restrictions on exports of three high-tech materials used in the production of semiconductors and displays."We have agreed to utilize all necessary measures, including financial and legislative support,... to raise the competitiveness of the local materials, parts and equipment industries. And on top of an extra budget that will be used to deal with the situation,... we have also agreed to set aside about 1 billion U.S. dollars of next year's annual budget."The three sides also said that they will introduce a support package consisting of funding, eased regulations and tax benefits for related firms.And to bolster the competitiveness of local industries and speed up localization,... they agreed to increase R&D investment,... as well as step up exchanges and technological partnerships with firms overseas.And to make sure these measures go according to plan,... a government-wide committee will be established."In order to efficiently implement the measures and to boost the competitiveness of local industries, we have agreed to establish a committee headed by the finance minister. There will also be a new working-level team to support the committee."The three sides said the situation is being monitored on a daily basis,... and vowed to continue taking stern action in response.The government will announce a comprehensive plan on Monday.Kim Min-ji, Arirang News.