April 16, 2024

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[THE INVESTOR] Korea will jack up investment in research and development for innovative industries to help local companies lead the fast-changing technology trends and create quality jobs, the government said on March 13.

The Ministry of Trade, Industry and Energy said it will expand support for five promising new industries -- autonomous vehicles, home appliances using Internet of Things technology, bio health, semiconductors and displays, and renewable energy -- by increasing the percentage of R&D investment spent on these industries from the current 30 percent to 50 percent by 2022.

The ministry set aside 3.16 trillion won (US$2.96 billion) for this year’s R&D projects.

The government said it will put concerted efforts with related industries to develop emerging technologies and make use of them in various areas.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)