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South Korea's two top economic policymakers are expected to meet with the chiefs of three major conglomerates on Sunday to discuss Japan's export restrictions, sources said.
Officials are working out details of the envisioned meeting between Economy and Finance Minister Hong Nam-ki and Kim Sang-jo, presidential chief of staff for policy, as well as the three business leaders ― Hyundai Motor Co. Executive Vice Chairman Chung Euisun, SK Group Chairman Chey Tae-won and LG Group Chairman Koo Gwang-mo ― the source said.
The meeting had originally been expected to include Samsung Electronics Co. Vice Chairman Lee Jae-yong and Lotte Group Chairman Shin Dong-bin, but the two are unable to attend as they are on overseas business trips, the source said.
Sources said Lee has left for Japan to discuss Japan's export restrictions.
On Monday, Japan said it would tighten regulations on exports of three materials used in chips and smartphone displays to Korea amid a widening dispute over Koreans who were forced to work for Japanese companies during World War II.
South Korean chipmakers such as Samsung Electronics and SK hynix Inc. will have difficulties finding alternative supply sources as Japan accounts for 70 to 90 percent of the production of the three materials.
South Korea's presidential office said on Thursday it will actively seek diplomatic countermeasures, including complaining to the World Trade Organization against the "retaliatory" export limits on high-tech materials. (Yonhap)
