Korea is believed to still have a long way to go to reduce its reliance on industrial materials and components from Japan.
In July 2019, the Japanese government banned the export of raw materials used in the electronic industries such as hydrogen fluoride, photoresist and fluorine polyimide to Korea. Facing this Japanese move, Korean companies have made efforts to replace domestic materials and strengthened cooperation with the Korean government to develop alternative materials. However, to completely replace Japanese materials, Korean companies need a long way to go and the government needs to focus more on supporting research and development.
According to the Korean Ministry of Commerce, Industry and Energy, relevant government funding has increased from 1.09 trillion won to 2.07 trillion won in 2020 and will increase to 2.55 trillion won. in this year. More than 85% of the budget is expected to go to research and development for equipment, materials and components.
However, Korea’s reliance on Japan for industries has not decreased. Previously imported raw materials and components was US $ 167.8 billion in 2020 and imports from Japan accounted for 16% while this ratio was 15.8% in 2019. In addition, import surplus of raw materials and parts South Korea’s balances with Japan increased from 14.15 billion USD to 15.37 billion USD last year.
Experts point out that the relevant government policies are too broad. In the 18 months since Japan’s export ban, the Korean government has invested 2,000 billion won to help develop 100 items. Currently, research and development is underway for 85 items.
Regarding the government’s investment issue, an expert said: “The Korean government needs to focus on goods with more prospects, to make its policies more effective”.
Phan Van Hoa (according to businesskorea)
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