South Korea to invest $41.6 million in developing technologies for materials, parts, equipment

By Park Yoon-bae Posted : February 8, 2023, 17:48 Updated : February 8, 2023, 18:42

[Courtesy of Samsung Electronics]

SEOUL -- The South Korean Ministry of Trade, Industry and Energy has decided to invest 52.5 billion won ($41.6 million) in developing technologies in key materials, parts and equipment.
The ministry said on February 7 that companies can apply for 96 technology development projects between February 8 and March 9 to get state R&D money.
The planned investment is part of this year's state budget worth 937.6 billion won set aside for the technology development of materials, components and equipment for the country's major industries such as semiconductors, secondary batteries, electric vehicles, biopharmaceuticals and a 6G wireless network. The budget rose 11.5 percent from last year's outlays.
Korea has stepped up developing advanced materials, parts and equipment to establish stable supply chains, especially since the country was hit by Japan's export restrictions on key materials required for Korean firms to make semiconductors and display panels amid a dispute over the wartime force labor issue in 2019.
The ministry also plans to strengthen the country's capacity for sustainable growth by helping companies develop next-generation technologies in areas such as carbon neutrality, waste recycling and environmental, social and corporate governance (ESG).
Under the ministry's plan, 13.4 billion won of the budget will be spent on 21 projects to develop technologies of secondary batteries as part of efforts to cope with the U.S. Inflation Reduction Act aimed at excluding products made of Chinese materials and parts from tax incentives.
The ministry also plans to invest 19.5 billion won for 41 projects to develop major parts for semiconductor packaging, avionic systems and bioimplant materials. Besides, it will set aside 19.6 billion won for 34 projects for net-zero carbon emissions.
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