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Report: South Korea commits 7.8 trillion won in R&D amid tensions with Japan

South Korea committed about 7.8 trillion won in research and development to stabilize supplies of technology materials amid a worsening dispute with Japan, Reuters reported, citing a press briefing of South Korea's Industry Minister Sung Yun-mo.

The investment, to be made over seven years, will help improve South Korea's "self-sufficiency" for 100 key components and materials used to develop chips, displays and automobiles, among other things. The South Korean government has also reserved more than 2.5 trillion won in financing support for overseas deals, according to the report.

The move comes after Japan and South Korea decided to remove each other from their respective white list of favored trading partners amid escalating tensions over a court case involving compensation for forced labor during World War II.

In July, Japan imposed stricter controls over the export of high-tech technology materials to South Korea.

As of Aug. 2, US$1 was equivalent to 1,203.98 South Korean won.