Korean Government to Accelerate R&D in Material, Component and Equipment Industries

The Ministry of Trade, Industry and Energy has selected 100 key techniques and technologies in the material, component and equipment industries and is planning to provide support for related developers and manufacturers so that they can better compete in global markets. This is to respond to the instability of global value chains triggered by Japan’s export curbs on South Korea and the COVID-19 pandemic.

A total of 100 companies are expected to join the ministry’s project. The ministry already picked the 100 strategic techniques and technologies in the six fields of semiconductor, display, automobile, machinery and metal, electronic and electrical, and primary chemical based on criteria such as importance in terms of industrial security and effects on other sectors.

The 100 companies will be assisted in the five fields of technological innovation, commercialization, globalization, deregulation and promotion. In addition, an R&D support of up to five billion won a year will be provided so that the companies’ financial burden can be reduced. Investment facilitation will be pursued at the same time so that more investment for commercialization can be made based on financing, funding and tax incentives.