SEOUL - In a move to enhance local firms' competitiveness in emerging technologies, South Korea has announced plans to expand its research and development (R&D) projects in collaboration with foreign companies. The Ministry of Science and ICT revealed on Monday that the government intends to invest at least 5.4 trillion won (US$4.1 billion) over the next three years in these joint ventures.
According to Yonhap News Agency, the initiative will encompass 12 industrial sectors, including semiconductors, displays, rechargeable batteries, and artificial intelligence. Additionally, eco-friendly industries such as carbon-free power generation and renewable energy will be integrated into the spending plan. The government is also set to streamline processes for urgent projects by waiving preliminary feasibility study requirements and reducing the timeframe for adopting advanced research facilities and equipment from 120 days to 50 days.