SEOUL, April 10 (Korea Bizwire) — South Korea will invest 13.5 trillion won (US$10.23 billion) in key industry sectors, including semiconductors, secondary batteries and nuclear power generation, by 2030 to achieve innovative technologies and spur economic growth, the industry ministry said Monday.
The government plans to conduct 40 research and development projects in 11 major industry fields, for which it will invest 6.2 trillion won by 2027 and an additional 7.3 trillion won by 2030, according to the Ministry of Trade, Industry and Energy.
The 11 sectors are semiconductors, displays, secondary batteries, future mobility, key materials, advanced manufacturing, intelligent robots, aviation and defense, bio, next-generation nuclear power generation and new energy.
The projects will be pushed for mainly by private companies and experts in a move to meet market demand and ensure expertise, the ministry said.
For the plan, the ministry signed memorandums of understanding with nine companies, including Hyundai Motor Co., POSCO Holdings Inc. and Samsung Display Co., and four relevant institutions.
“We will carry out this ‘super gap’ plan involving top-level experts and innovative entities to establish an effective research and development system and draw tangible results,” First Vice Industry Minister Jang Young-jin said.
“South Korea will continue to focus on projects to lead the mega transition of the industry in the future and to secure advanced technologies in such strategic industry sectors.”