The ruling party, the Blue House and the government met today to discuss the next steps in dealing with Japan's removal of Korea from its list of preferred trading partners.
South Korean authorities have agreed to take measures... including legislative and financial support for the affected industries.
The aim is to help boost their competitiveness and speed up the localization of crucial parts and materials.
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.