Regulator Pledges Financial Support For Parts, Equipment Firms
Mohammad Ali (@ChaudhryMAli88) Published September 17, 2019 | 05:00 PM
SEOUL, (UrduPoint / Pakistan Point News - 17th Sep, 2019 ) :South Korea's financial regulator said on Tuesday an array of financial support is in store for local materials, parts and equipment firms to help them reduce their reliance on Japan, in the face of Tokyo's apparent retaliatory move against compensation for wartime forced laborers.
Financial Services Commission (FSC) Chairman Eun Sung-soo made the remarks as he visited a plant of IONES Co., an equipment manufacturer for semiconductors and display, in the city of Anseong, 80 kilometers south of Seoul.
"Competitiveness of the materials, parts and equipment industries is a very important base for our economy," Eun said.
"The FSC will provide a wide range of support for our materials, parts and equipment industries to sufficiently raise their competitiveness," Eun said, adding that the regulator plans to increase financial support to such firms throughout various policy programs.
Since July, Japan has tightened exports of key materials to South Korea in apparent retaliation over Seoul's court rulings on compensation for wartime forced labor.
South Korea has blamed Tokyo for weaponizing trade in reprisal for Seoul's handling of the matter stemming from Japan's 1910-45 colonization of the Korean Peninsula.
So far, the FSC has provided 539 billion won (US$453 million) in financial support for companies hit by Japan's export restrictions, FSC officials said.
South Korea, the world's fifth-largest importer of crude oil, is closely monitoring developments in the middle East in the wake of a drone attack on oil facilities in Saudi Arabia. Eun told reporters that uncertainties surrounding oil prices could impact the local economy and financial markets.
However, the Saudi crisis "does not necessarily have a negative impact" on the Korean economy, Eun said, noting that local companies could take steps to minimize the impact on supplies.
Related Topics
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From Miscellaneous
-
Modern Education Techniques: A pathway to achieve economic development
16 hours ago -
Kite Flying: From cultural festival to deadly sport
16 hours ago -
PDMA predicts gusty wind, rain with thunder, hails
3 days ago -
Iranian president Raisi given guard of honour at PM House
5 days ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
5 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
5 days ago
-
Cattle farming vital to alleviate poverty in rural areas
5 days ago -
Pakistan: A land of tourism, archeological wonders
6 days ago -
Transforming education sector: from job hunters to job creators
8 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
12 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
12 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
13 days ago