Seoul to launch 2nd investment fund for materials sector

SEOUL, Oct. 6 (Yonhap) -- South Korea will set up an additional investment fund this year to help nurture the country's materials sector amid a trade dispute with Japan, the country's industry ministry said Sunday. The 100 billion-won (US$83 million) fund will be used to help local parts and materials companies acquire overseas competitors or related technologies. Details on the fund management will be unveiled later, the ministry said. In June, the Seoul government raised 104 billion won from financial firms and state agencies to launch the first fund for startups seeking to commercialize on their technologies. The step came as Japan has tightened regulations on exports to South Korea of three high-tech materials crucial for the production of semiconductors and displays. In August, Japan officially removed South Korea from its list of countries given preferential treatment in trade procedures. Last month, South Korea also took Japan off its own list of favored trade partners in a tit-for-tat measure. Japan's move is seen as a retaliatory measure against a Seoul court ruling that ordered Japanese companies to compensate South Korean workers for forced labor during World War II. SEOUL, Oct. 6 (Yonhap) -- South Korea will set up an additional investment fund this year to help nurture the country's materials sector amid a trade dispute with Japan, the country's industry ministry said Sunday. The 100 billion-won (US$83 million) fund will be used to help local parts and materials companies acquire overseas competitors or related technologies. Details on the fund management will be unveiled later, the ministry said. In June, the Seoul government raised 104 billion won from financial firms and state agencies to launch the first fund for startups seeking to commercialize on their technologies. The step came as Japan has tightened regulations on exports to South Korea of three high-tech materials crucial for the production of semiconductors and displays. In August, Japan officially removed South Korea from its list of countries given preferential treatment in trade procedures. Last month, South Korea also took Japan off its own list of favored trade partners in a tit-for-tat measure. Japan's move is seen as a retaliatory measure against a Seoul court ruling that ordered Japanese companies to compensate South Korean workers for forced labor during World War II. kyongae.choi@yna.co.kr (END)