South Korea's government has pledged to do all it can to make the country's industries more competitive and reduce their dependence on imported parts and materials.
The government on Friday launched a panel to discuss ways to achieve the goals. Friday marks 100 days since Japan tightened controls on exports of three high-tech materials to South Korea.
The panel is headed by Deputy Prime Minister Hong Nam-ki, who also serves as economy minister. Members include government officials and business people.
Hong told the participants that the export controls have so far had no impact on production of high-tech products.
But he warned that both countries will inevitably suffer damage if the trade friction lingers, and urged Japan to retract the measure.
The government said it will select more than 100 items it wants to make more competitive and earmark more than 2 trillion won, or roughly 1.6 billion dollars, for that purpose each year.
Source: NHK World
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