Angry with Japan, S. Korea looks north
Print Edition
South Korea鈥檚 president yesterday described the country鈥檚 escalating trade war with Japan as a wake-up call to revamp its economy and issued a nationalistic call for economic cooperation with the DPRK, which he said would allow the Koreas to erase Japan鈥檚 economic superiority in 鈥渙ne burst.鈥
South Korea鈥檚 President Moon Jae-in鈥檚 comments were made during a meeting with senior aides to discuss Japan鈥檚 imposing of trade curbs on South Korea.
They came as a surprise as the DPRK has raised tensions in recent weeks with tests of new short-range weapons that experts say pose a serious threat to South Korea鈥檚 security.
鈥淭he advantage Japan鈥檚 economy has over us is the size of its (overall) economy and domestic market. If South Korea and the DPRK could create a peace economy through economic cooperation, we can catch up with Japan鈥檚 superiority in one burst,鈥 Moon said during the meeting at Seoul鈥檚 presidential Blue House.
鈥淛apan absolutely cannot prevent our economy from taking a leap. Rather, (Japan) will serve as a stimulant that strengthens our determination to become an economic power.鈥
Moon has described Japan鈥檚 moves to downgrade South Korea鈥檚 trade status and tighten controls on exports to South Korean manufacturers as a deliberate attempt to damage his country鈥檚 export-dependent economy.
He has accused Tokyo of weaponizing trade to retaliate over political disputes surrounding the countries鈥 bitter wartime history.
Tokyo says its measures are based on national security concerns and, without providing specific evidence, has questioned the credibility of South Korea鈥檚 export controls on sensitive products.
Earlier yesterday, South Korea said it plans to spend 7.8 trillion won (US$6.5 billion) over the next seven years to develop technologies for industrial materials and parts as it moves to reduce its dependence on imports.
The government will also financially support South Korean companies in mergers and acquisitions of foreign companies and expand tax benefits to lure more international investment, while easing labor and environmental regulations so that local companies could boost their production, the country鈥檚 trade ministry said.
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