According to Yonhap News,

(SEJONG=Yonhap News) The government plans to create a 185 billion won (US$155.2 million) investment fund that can be used to support South Korea's future growth industries, the Ministry of Trade, Industry and Energy said Thursday.

The ministry said of the total, 105 billion won has been earmarked to build up the country's industrial growth engines that can contribute to sustainable economic development.

The money will also be injected into 17 next generation technology fields, with money to reach projects starting this month.

Another 80 billion won in so-called sector funds will be set up so state money can be injected into such areas as manufacturing Internet of Things (IoT) and energy security.

Manufacturing IoT links factories with the Internet to greatly improve efficiency, productivity and make overall operations smarter than conventional non-connected plants.

Energy security refers to anticipating future energy demand and dealing with the country's development plan in this field. The government also plans to use the money to allow the country to handle challenges posed by climate change.

"The funds will help build up the country's growth potential that can breathe life into local companies and improve competitiveness," the ministry it said. "State funds in particular can be used to help small and medium industries."

yonngong@yna.co.kr

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