[2020 National Audit] "Ignoring Japan's Economic Retaliation"... Korea Minting, Security Printing & ID Card Corp, 5.3 Billion KRW Import of Japanese Goods

[Asia Economy Reporter Kwangho Lee] The Korea Minting and Security Printing Corporation's import expenditure on Japanese goods this year reached 5.3 billion KRW, more than double compared to 2018. There are concerns that this may be going against the efforts of the government and citizens responding to Japan's economic retaliation.

According to data received from the Minting Corporation by Yang Kyung-sook, a member of the National Assembly's Planning and Finance Committee from the Democratic Party of Korea, the expenditure on Japanese imports by the Minting Corporation up to September this year was 5.3 billion KRW, accounting for 20.96% of the total import expenditure.

This represents a 2.41-fold increase (3.12 billion KRW) from 2.21 billion KRW in 2018.

Regarding this, a representative from the Minting Corporation stated, "The most important aspect of domesticating currency production is the localization of counterfeit prevention technology. Developing counterfeit prevention technology is the achievement of localization."

However, it was revealed that although the Minting Corporation invested 31.2 billion KRW over the past six years to conduct 40 research and development projects, not a single project was initiated on the technology related to banknote holograms, which are imported from Japan and currently in use.

Assemblywoman Yang said, "Despite the nationwide voluntary boycott of Japanese products following Japan's unfair economic retaliation, the Minting Corporation has more than doubled its imports of Japanese goods," adding, "There are concerns that this is going against the government's policy and the public's expectations. Measures to localize Japanese goods must be prepared."