South Korea plans to invest 300 billion won in research and development of 100 strategic products in response to Japan’s trade restrictions

South Korea’s Ministry of Industry, Commerce and Resources on Friday announced a “100 Core Goods Research and Development” support project aimed at addressing Japan’s trade restrictions, investing more than 300 billion won (about 1.76 billion yuan) in research and development in materials, components and equipment, with more than 1,000 companies expected to participate, Yonhap reported.

South Korea plans to invest 300 billion won in research and development of 100 strategic products in response to Japan's trade restrictions

Specifically, 271.8 billion won will be used for research and development of core materials and components technology, and 57.8 billion won will be invested in core technology research and development in the machinery industry.

Previously, the South Korean government has screened 25 important and more urgent varieties, and provided 65 billion won of funds, this year will be the remaining 100 varieties of technology research and development. Major support projects include semiconductors and displays (31.5 billion won), machinery and equipment (54.6 billion won), metals (64.9 billion won), basic chemistry (63.4 billion won), fiber and carbon (42.3 billion won), chemical ceramics (30.5 billion won), electrical appliances and electronics (20.6 billion won), cars (9.4 billion won), etc. In order to seize the lead in emerging markets, the government will also vigorously support research and development of emerging industries such as new materials.

The South Korean government will also encourage close cooperation between domestic supply chain upstream and downstream companies and provide comprehensive support in areas such as mergers and acquisitions and investments. In addition, the Ministry of Industry of Korea will invest more than 140 billion won in 15 public research institutions to build test stations to promote the commercialization of technology, and jointly with the Korea Patent Office (Patent Office) to provide enterprises with patent-based research and development strategy to ensure technology leadership.