According to Yonhap News,

The government announced Wednesday its plan to create a 50 trillion-won (US$34.4 billion) fund to support the semiconductor, rechargeable battery, bio, artificial intelligence (AI) and other advanced industries as part of efforts to bolster South Korea's industrial competitiveness.

The plan was endorsed at a weekly meeting of economy-related ministers, presided over by acting President Choi Sang-mok, according to the finance ministry.

It seeks to help strengthen the global competitiveness of the advanced industries, which play a critical role in national economic security, amid growing uncertainties, it added.

The fund will be created under the Korea Industrial Bank and will be used to support the chip, battery, bio, AI, robotics and other advanced industries.

It will also be funneled into developing infrastructure and core technologies for the industries in the long term, according to the ministry.

Choi stressed the need to move fast, saying, "The global industrial environment is rapidly changing for the semiconductor, AI, electric vehicle and other industries and major economies are going through fierce technology competition."

"Trade uncertainties are also expanding with the U.S. government's 25 percent tariffs on Canadian and Mexican goods and an additional 10 percent tariff on China," he added, according to the finance ministry.

nyway@yna.co.kr

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Source: Yonhap News (March 5, 2024)