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S. Korea plans to invest around US$ 5.1 bil. on high-tech materials to lower its reliance on Japan

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Seoul is taking action against Tokyo's export curbs that would adversely affect local chipmakers Korea plans to invest more in high tech materials, to lower its dependence on Japanese firms

Seo Eunkyung sheds light on this measure South Korea's trade ministry said Wednesday it will invest around 850 million US dollars annuallyto develop home-grown materials and equipment to produce chips The annoucement comes after Japan said Monday it would tighten regulations on exports of high-tech materials to Korea Three new items are affected by the ban, including fluorinated polyimides, photoresists and etching gas which are used for the production of chips and displays for smartphones and TVs

Tokyo's move is expected to take a toll on Korean chipmakers like Samsung Electronics and SK Hynix, as Japan holds a global market share of between 70 to 90 percent for those three materials The trade ministry's goal is to reduce Korea's dependece on those materials exports At the same time, Kim Sang-jo, Chief of Staff to the President for Policy met with representatives from Korean companies including Samsung Electronics to discuss the impact from Japan's export ban as well as possible countermeasures He added that the government will contact other major conglomerates as well regarding the matter

"I have communicated directly with major Korean companies, including the top-five business groups and told them that the government and the business community should cooperate closely for the sake of our national interest" He also added that the government will do its best to ease economic uncertainties both at home and abroad

Seo Eunkyung, Arirang News

Source: Youtube

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