South Korea’s Ministry of Science and ICT said Thursday it plans to spend 160 trillion won ($122 billion) on research and development by 2027 to develop research capabilities in three key technology areas: semiconductors, displays and next-generation batteries. The funds created jointly by the South Korean government and the private sector will be used to help local companies and research centers acquire cutting-edge technologies and create new markets in the three technology areas, according to a road map submitted to a government meeting, the ministry said.
A total of 100 designated technologies, including semiconductor devices, freeform displays and hydrogen fuel cells, will receive priority government funding.
As a first step, the Korean government will establish a public-private advisory body later this year to develop a plan to launch government-funded R&D projects and share their results with the industry.
The government’s R&D plan also includes encouraging the timely employment of well-educated students and experts in related industries and creating a social infrastructure for effective R&D.
Korea has been strengthening its financial and administrative support for key economic drivers such as semiconductors. Last month, the South Korean parliament passed a bill aimed at supporting the semiconductor industry by providing greater tax incentives to chipmakers and other strategic industries.