South Korea’s Ministry of Trade, Industry and Energy will invest 1.18 trillion won (USD 809.3M) to develop advanced technologies for materials and parts, a move aimed at enhancing the global competitiveness of major industries, such as semiconductors, rechargeable batteries and biopharmaceuticals.
305.3 billion won will be injected into developing advanced and eco-friendly materials and parts for machinery and metal companies, 111.3 billion won for chemicals firms and 89 billion won for automotive companies.
The ministry will also invest 62.8 billion won and 20 billion won in developing materials and parts to promote the aerospace and hydrogen industries, respectively.
The budget for research and development (R&D) projects will be expanded by 71.3% on-year to 131.2 billion won this year to stabilise the supply chain of materials, parts and equipment.
The ministry will also spend 302.7 billion won to facilitate private investment in technology development projects.
Meanwhile, South Korea exported a record USD 14.9bn worth of products from its free trade zones (FTZs) last year on strong global demand for automobiles, ships and semiconductors.
FTZs are special economic zones where various tax and tariff benefits are provided to guarantee more freedom in manufacturing, logistics and trade.
