The South Korean government said the country has been seeking to localize semiconductor materials jointly with the private sector as a hedge against Japanese export restrictions.

The Ministry of Trade, Industry and Energy organized an emergency meeting with eight semiconductor and display companies including Samsung Electronics, SK Hynix and LG Display on Monday.

The move came shortly after Tokyo's announcement the same day that it would restrict exports of three highly-specialized materials to South Korea used in the country's tech sector.

The ministry explained that it had been seeking to diversify its suppliers, localize products through technological development and establish a domestic production facility to mitigate any disruptions of Japanese-sourced inputs.

The ministry will also announce plans to strengthen the competitiveness of the materials and components industries to ensure supply stability.