Seoul: The government has announced its decision to provide 268.5 billion won (US$185.4 million) this year to support projects aimed at establishing industrial infrastructure for advanced sectors, with the goal of bolstering the technological competitiveness of local industries, according to the industry ministry.
According to Yonhap News Agency, this year's budget represents an 11.5 percent increase compared to last year. The Ministry of Trade, Industry and Resources emphasized the importance of this funding to assist domestic industries in achieving technological independence and enhancing their competitiveness amid an intensifying global technology competition.
The Ministry plans to select 28 projects for funding, with 40 percent of these focused on creating artificial intelligence (AI) infrastructure, including research and testing facilities, as well as essential equipment. A ministry official noted in a press release that securing research facilities and equipment in advance is crucial to gaining a competitive edge in the rapidly evolving field of advanced technologies, particularly AI-driven transformation.
These infrastructure development projects aim to support small and medium-sized firms by providing access to facilities and equipment that they might not be able to secure independently but are necessary for developing new technologies.