President Moon Jae-in is calling for a "can do" spirit in the face of the export restrictions imposed by Japan. It's a challenge, he says that the Korean people can overcome.
"We have come to recognize once again that gaining a competitive edge in industry is essential to maintaining an equal and reciprocal trade system."
In a weekly meeting with his top aides, the president said Korea has successfully overtaken its neighbor Japan in a number of fields, such as home appliances, electronics, semiconductors and shipbuilding.
President Moon said the challenges from Japan's retaliatory trade measures could actually become an opportunity.
"The government sees in the current difficulties an opportunity, and will spare no state support for the parts and materials sector and for innovation in the manufacturing industry."
He urged the government, conglomerates and smaller companies to form an emergency support-and-cooperation system that strengthens the competitiveness of related sectors.
Innovation, he said, especially in components and materials production, will be an important solution in a situation where one country's monopolostic control of technology has undermined free trade and put pressure on the economy of another.
The president added that his government is prepping thoroughly for both fundamental and short-term measures along with efforts for a diplomatic resolution.
Also turning to Korean people, ahead of the vacation season, the president said the people can help boost the economy by choosing to spend their holiday locally.
Shin Se-min, Arirang News.