April 24, 2024

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[THE INVESTOR] Korea will expand support for cutting-edge technologies to raise industrial competitiveness in the era of the fourth industrial revolution, the Commerce Ministry said on Jan. 11.

The ministry submitted a comprehensive industry development plan to the parliamentary committee to share strategies on advanced technology sectors, including memory chips, next-generation displays and self-driving cars.

It set a goal of increasing Korea’s market share in the system semiconductor sector to 6 percent by 2022 to meet the growing need for big data and Internet of Things.

The government also vowed to support infrastructure for the production of OLED to double global market share to 50 percent by 2022.

In the auto sector, the government said it plans to put self-driving cars on the highway by 2020 and increase the number of electric vehicles to 350,000 by 2022.

To help reach the goal, the government and the private sector will create a fund worth 300 billion won (US$275 million) to develop technologies for autonomous cars and IoT.

By Alex Lee and newswires (alexlee@heraldcorp.com)