President Moon Jae-in praised his administration for its handling of Japan's trade restrictions against South Korea, which have been in effect for almost 100 days.
Speaking during a weekly Cabinet meeting the president said swift countermeasures by the country and businesses, coupled with the Korean people's united response, meant the country was able to make progress despite such sudden trade curbs.
And the president also said these difficulties could prove to be an opportunity.
"By turning it into an opportunity and a turning point, it would fundamentally transform our industrial structure and become a huge help in enhancing our economy's competitiveness."
Moving forward, President Moon on Tuesday added that both the government and the parliament should up their communication to get a special bill passed aimed at helping local industries associated with materials and parts gain a competitive edge.
He also called on the Cabinet to do its best to upgrade the competitiveness of the targeted industries, with the upcoming launch of a government-led committee focused on the materials and equipment industries.
October 11th, this Friday, marks one hundred days since Japan removed South Korea from its whitelist of trusted trading partners granted preferential treatment in the trade of sensitive industrial materials.
The backdrop of that a ruling by South Korea's top court that ordered Japanese firms to compensate South Korean victims of forced labor during Japan's occupation in early 19-hundreds.
And despite Seoul's continuous call for diplomatic dialogue Tokyo has since kept quiet on the issue, and the leaders Moon and Abe have not yet held a single summit meeting this year.
With the Japanese Emperor's enthronement ceremony happening in two weeks expectation is brewing again as to whether that might serve as a turning point for the two neighbors with perhaps South Korea's Prime Minister attending the ceremony on behalf of the president, signaling the start of a diplomatic thaw in relations
Shin Se-min, Arirang News.