South Korea Finance Minister Talks with Top Domestic Companies as Japan Tech Curbs Kick In

SEOUL (BLOOMBERG) – South Korea’s Finance Minister Hong Nam-ki held discussions on the “external economic situation” with the heads of the top domestic companies, President Moon Jae-in’s office said in a statement on Sunday (July 7), as the country’s tech sector braces for Japan’s export restrictions.

The discussion was focused on the “external situation of the economy and its uncertainties,” Blue House spokeswoman Ko Min-jung said in a text message.

She did not elaborate on the details of the talks between the government officials and the business leaders.

President Moon’s chief policy secretary Kim Sang-jo also attended the meeting but she didn’t specify which business leaders were present.

Local paper DongA Ilbo reported last Friday that Mr Hong and Mr Kim had planned to meet top executives such as Chung Eui-sun of Hyundai Motor Group, SK’s Chey Tae-won and LG’s Koo Kwang-mo.

Yonhap News reported that President Moon will meet the business leaders on July 10. The series of meetings come as Japan imposed restrictions on South Korean exports of products needed to make semiconductors and computer display. The restrictions kicked in on July 4.

Japanese Prime Minister Shinzo Abe denied that a decision to impose export controls was a countermeasure against issues involving a wartime dispute.

South Korean courts ruled that Japanese companies must compensate Koreans conscripted to work in factories and mines during the 1910-45 colonization. Japan holds that all claims were settled.

Seoul city earlier announced to disburse 10 billion won (S$12 million) in funds to support small and medium enterprises in the tech industry that are affected by Japan’s export restrictions, Yonhap reported.