This file photo, provided by the Korea Research Institute of Standards and Science on Sept. 22, 2020, shows researchers carrying out a quality evaluation of hydrogen fluoride.
SEOUL, Feb. 7 (Korea Bizwire) — South Korea will invest 52.5 billion won (US$41.81 million) in 96 fresh projects to develop technologies for major materials, components and equipment this year in an effort to promote advanced industries and to better ensure stable supply chains, the industry ministry said Tuesday.
It is part of a total of 937.6 billion won of this year’s state budget to support the development of advanced materials, parts and equipment of key industries, such as semiconductors, batteries and vehicles, among other sectors, which marked a 11.5 percent rise on-year, according to the Ministry of Trade, Industry and Energy.
Of the 52.5 billion-won budget, 13.4 billion won will be spent on 21 projects to develop technologies of secondary cells, such as those on a refractory ceramic.
Support for the battery sector is expected to help South Korea respond to the U.S. Inflation Reduction Act (IRA) and to provide batteries for electric vehicles and energy storage systems makers in a stable manner, the ministry said.
Some 19.5 billion won will be for 41 projects designed to develop key components for semiconductor packaging, avionic systems and bioimplant materials.
The government also plans to extend 19.6 billion won to 34 projects regarding zero-emission goals this year, it added.
South Korea designated 150 “key strategic technologies” related to major materials, parts and equipment, and has extended support for their development.
Such efforts began in earnest in 2019 following Japan’s export curbs of key materials bound for Seoul and have accelerated recently over global supply chain disruptions and a heated global technology competition.
South Korea’s dependence on Japan for 100 major products came to 24.9 percent in 2021, down from 30.9 percent tallied in 2019, but its dependence on imports from China grew to around 30 percent last year from about 25 percent in 2012, according to government data.
(Yonhap)
