South Korea's finance chief says the government will make sure to provide stable funding for the local parts and materials industries to cope with the Japan trade curbs.
Following a meeting Wednesday of a consultation body between the rival political parties, the government and the private sector, Hong Nam-ki said that the government is doing all it can to minimize the fallout on local firms and to provide immediate financial support.
Hong vowed to use this as an opportunity to boost the self-reliance of local industries, as well as foster an ecosystem in which both small and big companies can prosper.
And to do that, the government is thinking of setting aside a budget worth roughly 2 billion U.S. dollars for the parts and materials industries.
Hong said that all parties agreed to play their respective roles that is, for the private sector to encourage companies to invest and develop technologies, rival lawmakers to pass the necessary bills, and for the government to provide financial support.