TRADE MINISTRY PROPOSES PLANS TO STRENGTHEN LOCAL PRODUCTION OF MATERIALS AND EQUIPMENT FOR EXPORT T

Amid ongoing Trade disputes around the world, South Korea's trade ministry has come up with an industry and trade strategy focused on the changes in the global value chain over the next one or two decades.
Hong Yoo reports.
South Korea's trade ministry has proposed a national strategy project to increase the country's advanced material and equipment production capability within the global value chain.
South Korea's exports rely heavily on the global value chain, or GVC, where a product's manufacture involves specialized activities in several countries. Only three countries are more reliant on the global value chain, but the GVC has been changing with the fourth industrial revolution and the changing global trade environment.
The Trade Ministry says that global value chains are becoming regionalized, with U.S. President Trump trying to keep the GVC of U.S. products within North America, China is keeping its GVC within China, Japan within ASEAN, and Germany within the EU.
China's increasing self-sufficiency of components amid the trade dispute with the U.S. has become a crisis and also an opportunity for South Korea.
The ministry's proposal focuses on forming a new GVC that can increase the exports of materials and equipment to China as they will continue to import such items from abroad.
It also said the government should promote M&As and innovation to adapt to the changing global value chain.
This proposal was taken into account when the government announced measures to eliminate the country's external dependent industrial structure as part of its efforts to cope with Japan's recently-imposed export curbs.
Meanwhile, a support team created by the government has started helping businesses that are affected by Japan's export curbs.
This team will focus on using extra funding, tax relief and deregulation to ease the burden on South Korean firms.
Hong Yoo, Arirang News.



Source: Arirang News
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China: China , officially the People's Republic of China , is a sovereign state located in East Asia. It is the world's most populous country, with a population of over 1.35billion. The PRC is a single-party state governed by the Communist Party, with its seat of government in the capital city of Beijing.[
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Germany: in Europein the European Union [Legend]
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Japan: Japan idpn is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south. The characters that make up Japan's name mea
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South Korea: South Korea , officially the Republic of Korea , is a country in East Asia, constituting the southern part of the Korean Peninsula. The name Korea is derived from Goryeo, a dynasty which ruled in the Middle Ages. It shares land borders with North Korea to the north, and oversea borders with China to
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Trade: Trade also called goods exchange economy is the transfer of ownership of goods from one person or entity to another by getting something in exchange from the buyer. Trade is sometimes loosely called commerce or financial transaction or barter. A network that allows trade is called a market. The orig
North America: North America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas. It is bordered to the north by the Arctic Ocean, to the east by the Atlantic Ocean, to the west and south by the Pacific
South Korean: South Korea , also called the Republic of Korea , is a sovereign state located in the southern part of the Korean Peninsula. The name "Korea" is derived from Goryeo, a dynasty which ruled in the Middle Ages. Its neighbors are China to the west, Japan to the east, and North Korea to the north. South