South Korea to spend $121 billion to support tech R&D
Seoul, Apr 6 (EFE).- Over the next five years, South Korea will invest 160 trillion won (more than $121 billion) in semiconductor, screen, and next-generation battery research and development.
The Ministry of Science, Information Technology, and Communication announced Thursday that the government would establish a public-private fund to assist enterprises and research institutions in acquiring cutting-edge technology for markets in the three sectors.
The concept includes forming an advisory council to develop a roadmap for developing R&D initiatives to be shared with the industrial sector.
The government has highlighted some 100 innovations, including new chips, foldable screens, and hydrogen batteries, in the three sectors that will be given priority.
Science Minister Lee Jong-ho, in a statement, said the three sectors have been key to the South Korean economy and have boosted competitiveness.
The government and the private sector “will join forces to expand investment in R&D to be world leaders in these key technological sectors.”
The South Korean authorities are giving a financial and administrative boost to the sectors to revive growth in Asia’s fourth-largest economy.
The parliament passed legislation that provides tax breaks to chip producers and other critical businesses. EFE