President Moon Jae-in has again reaffirmed the need to enhance South Korea's self-reliance when it comes to parts and materials.
He said this in a Cabinet meeting today,... where measures were approved to establish a presidential committee on enhancing local competitiveness in those industries.
Here's what he said.
"Strengthening our competitiveness in parts and materials is a strategic task for us to become a economic powerhouse. Beyond the issue of Korea-Japan relations, it creates a framework for the Korean economy for the next 100 years. It's the path to innovation in the manufacturing industry and to rebound as a manufacturing powerhouse."
The presidential committee will soon be launched as a response to Japan's trade restrictions.
President Moon says it will lead efforts to support local firms and policies related to reform.
He also promised to boost the government's funding for related R&D.
Instead of meeting at the Blue House as usual,... the Cabinet met at the Korea Institute of Science and Technology in Seongbuk-gu, northeastern Seoul,... where the President inspected the institute's progress in localizing parts and materials technology.