South Korea announced on Monday its plans to allocate $6.48 billion for research and development for local materials, resources, and equipment for the coming years to level Japan’s move to decrease export activities against South Korea.
After announcing its move to cross South Korea out of its white list of trade partners, Japan said the move was not politically motivated but more of national security.
It will be remembered that sometime in July, Japan gripped the exporting of materials used to make chips in South Korea that resulted in a trade conflict between the two trade partners.
The new lead is part of South Korea’s effort for self-sufficiency for resources and operating materials and equipment used to make their primary export goods such as chips, automobiles and more.
Part of South Korea’s plan announced is the financial support worth 2.5 trillion won for overseas acquisition.
Japanese authorities are yet to give an official statement for South Korea’s latest development.
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