According to Yonhap News,
The industry ministry said Tuesday it will invest 1.18 trillion won (US$809.3 million) this year 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.
The amount marks a 3.2 percent increase from the corresponding tally for last year, according to the Ministry of Trade, Industry and Energy.
In detail, the ministry will funnel 136.1 billion won into developing materials and parts for the chip industry, 101.9 billion won for the display industry, 100.9 billion won for the rechargeable battery industry and 102.8 billion won for the biopharmaceutical industry.
Another 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 percent on-year to 131.2 billion won this year to stabilize the supply chain of materials, parts and equipment, the ministry said.
The ministry will also spend 302.7 billion won to facilitate private investment in technology development projects.
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Source: Yonhap News (February 4, 2025)