S. Korea unveils plan to upgrade materials, parts, equipment industry to lead post-COVID global value chain
Updated: 2020-07-09 13:23:42 KST
Also, while it works to reduce its dependence on Japanese materials, South Korea is going work to raise the country's competitiveness in terms of the global value chain.
The trade ministry said today that it's increasing the number of items to be managed under this goal from 100 to 338.
These include items used for the "big three" sectors namely, semiconductors, biotech and future cars.
It's also going to inject around 4.2 billion U.S. dollars into developing new growth engines.
And to help in that development and to reduce costs, it'll introduce a new data platform.
Companies from Korea and abroad will also be able to take advantage of a new region set up in the country offering tax benefits and less red tape.