By APD writer Alice

South Korea will continue to make efforts to reduce its reliance on imports of materials, components and equipment from Japan next year, the country’s finance ministry said on December 31.

South Korean Finance Minister Hong Nam-ki presided over this year's last meeting with economic ministers, which discussed measures to promote provision of materials, parts and equipment to deal with Japan's export restrictions.

South Korea has planned to invest about 7.8 trillion won ($6.46 billion) in research and development of materials, parts and equipment over the next seven years.

In July, Tokyo imposed tighter regulations on the exports of three materials critical for the production of semiconductors and displays to South Korea.

Japan also removed South Korea from its list of trusted trading partners.

South Korea viewed the Japanese moves as retaliation against the South Korean Supreme Court rulings ordering Japanese firms to compensate South Korean victims of forced labor during Japan's 1910-45 colonial rule of the Korean Peninsula.

(ASIA PACIFIC DAILY)