A researcher at Kogene Biotech Co. tests COVID-19 diagnostic reagents at the company’s research facility in Seoul on Feb. 5, 2020.
SEOUL, Dec. 21 (Korea Bizwire) — South Korea said Monday it plans to foster what it calls the “Big 3″ industries, namely green cars, biohealth, and non-memory chips, in line with efforts to overcome economic fallout from the virus pandemic and seek sustainable growth.
The combined amount of state funds allocated for the three segments will reach 4.2 trillion won (US$3.8 billion) next year, up 37 percent from 2020, according to the Ministry of Economy and Finance.
“In 2021, we need to make efforts to overcome economic challenges and brace for economic and social changes in the post-pandemic era,” Finance Minister Hong Nam-ki said during a meeting with related officials.
Under the vision, South Korea said it plans to have the accumulated number of green cars, covering electric vehicles and hydrogen fuel-cell automobiles, produced here reach 380,000 units by 2022.
South Korea earlier unveiled its plans to have green cars take up 33 percent of domestic auto sales by 2030 and take up 10 percent of the global market by that year.
To further promote demand, the country plans to provide more subsidies to hydrogen-powered trucks and buses and further expand the number of charging stations.
The country will also lend a hand to 470 auto parts producers to help them penetrate deeper into the future car industry.
In terms of the biohealth industry, South Korea said it plans to take up 3 percent of the global market by expanding its annual exports in the area to reach $20 billion by 2022.
The biohealth segment has been cited as one of a few winners in terms of exports throughout 2020 amid the COVID-19 pandemic.
South Korea plans to revamp its existing regulations to pave the way for the development of vaccines and treatments against COVID-19 as well.
In terms of non-memory chips, South Korea said it will bolster research and development projects while supporting the foundry and fabless sectors.
(Yonhap)
