Vice Minister of Economy and Finance Koo Yun-cheol hosted a meeting on Japan's export restriction with his counterparts in the Ministry of Trade, Industry and Energy, and the Ministry of Science and ICT on July 4. The vice ministers discussed how to deal with the export restrictions on the three high tech materials used to produce semiconductors and smartphones: resist, etching gas and polyimides.

Vice Minister Koo said Korea has to work hard to equip itself with technologies essential to produce source materials and parts, adding that the Ministry of Economy and Finance will review plans to develop source technologies drawn up by each ministry and reflect them in either this year's supplementary budget proposal or in the 2020 budget proposal.

The Ministry of Trade, Industry and Energy, and the Ministry of Science and ICT agreed to go along with the efforts to successfully deal with the situation, and decided to choose other materials that might be under export restriction in the future in addition to the three materials. The government will focus its support on those materials, and the support will be as follows:

- For the technologies whose development have been completed, the government will finance manufacturing

- For the technologies which need testing before commercialization, the government will support the testing

- For technologies which need developing, the government will provide R and D support

Source: Ministry of Strategy and Finance