South Korean President Moon Jae-in expressed hope on Tuesday that bipartisan efforts would help Seoul overcome the economic blow it received from Japan's recent decision to limit exports of certain chemical materials crucial to the national tech industry
MOSCOW (Pakistan Point News / Sputnik - 23rd July, 2019) South Korean President Moon Jae-in expressed hope on Tuesday that bipartisan efforts would help Seoul overcome the economic blow it received from Japan's recent decision to limit exports of certain chemical materials crucial to the national tech industry.
On July 1, Japan announced its decision to limit the export of three chemical components � fluorinated polyimides, photoresist and hydrogen fluoride � to South Korea. This move has been seen as one that will negatively affect the country's high-tech industries, including such electronics giants as Samsung Electronics Co. and SK Hynix Inc.
"While [we] are outraged [by Japan's move] and worried about it along with the people, the political circles will have to inspire [them] with hope and confidence through cooperative politics," Moon said, as quoted by the South Korean Yonhap news outlet.
The president added that bipartisan efforts were also needed to negotiate the $5.9 billion supplementary budgets Seoul proposed in April to tackle air pollution and boost exports.
On Thursday, Seoul said that it would announce a set of economic measures aimed at diversifying import sources and boosting national industrial competitiveness to help national producers cope with the economic consequences of Japan's export cuts.
The current Japanese-South Korean trade tensions come as the two nations continue to their dispute over reparations for the victims of forced labor during the Japanese colonization of the Korean Peninsula in 1910-1945.
