Korea will Expand the List of "Key Strategic Technologies" to Cover Seven Industries Including Semiconductors and Automobiles
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Update time : 2023-04-25 10:27:40
According to Yonhap News Agency, South Korea will include 50 advanced technologies related to materials, components and equipment in the national "key strategic technology list" to foster companies that can achieve superior global competitiveness.
Currently, the Korean government has designated 150 key strategic technologies related to materials, components and equipment in seven industries, including semiconductors, displays and automobiles, in order to provide strong support for their development. The list will be expanded to include 50 additional items in the fields of aerospace, defense and hy drogen, according to the South Korean Ministry of Industry, Trade and Resources.
In the rapidly changing global supply chain environment, it is time for Korean companies to aggressively penetrate the global market with their advanced technologies," said Lee Chang-yang, South Korea's minister of industry, trade and resources, at a conference to discuss how to improve the country's competitiveness in the aforementioned fields. The government will spare no effort to support companies' investment in such initiatives."
South Korea began its efforts to acquire advanced technologies in 2019 after Japan restricted exports of key industrial materials vital to Korean technology firms and accelerated the pace in the face of fierce technological competition.
The South Korean government earlier pledged to spend 937.6 billion won ($710 million) this year to support the development of advanced materials, components and equipment for key industries, with 52.5 billion won to be spent on nearly 100 new research and development projects.
South Korea will seek greater cooperation with countries such as Germany and Denmark to develop technology through global research platforms and other joint projects. It has also vowed to work more closely with Japan, and the two countries have agreed to improve economic and industrial ties between them. Last month, Japan lifted export restrictions on South Korea. The South Korean government will also launch a 300 billion won "alchemy" program to lay the foundation for future complex technologies.
In the first half of this year, South Korea plans to designate new industrial parks to support innovative manufacturing and a total of 200 material, parts and equipment companies to receive additional government support by 2030. South Korea's Ministry of Industry, Trade and Resources said 66 leading companies are currently receiving the benefit.
Speaking at the conference, South Korean Planning and Finance Minister Chew Kyung-ho said, "Recently, major countries have increasingly recognized the importance of cutting-edge industries such as semiconductors and rechargeable batteries in terms of economy and security." Chew Kyung-ho added, "They are pursuing the internalization and fragmentation of industrial supply chains."
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