Seoul: The industry ministry has announced a significant financial commitment to advance materials, parts, and equipment technologies, with an allocation of 1.29 trillion won (approximately US$884.5 million) for this year. Officials shared this information on Tuesday, highlighting the government's focus on enhancing technological capacities in these sectors.

According to Yonhap News Agency, this funding represents a 9.6 percent increase compared to last year's budget. The Ministry of Trade, Industry and Resources has designated 470.6 billion won specifically for projects aimed at developing materials technology for advanced industries, including semiconductors, displays, secondary batteries, and biohealth sectors.

Additionally, 545.7 billion won will be directed towards initiatives supporting the high-value transition of major industries such as machinery, automobile, and chemical industries. This portion of the budget will also assist these industries in their efforts towards a green transition.

A separate sum of 93.9 billion won is set aside for the development of materials in the space and hydrogen industries. The ministry also plans to back 30 projects focused on creating advanced materials for the steel and petrochemical sectors, which are currently striving to enhance competitiveness in the face of a global oversupply crisis.

Further, to reinforce the supply chains of advanced industries, the ministry will support 65 projects. These initiatives include the development of copper materials for artificial intelligence semiconductors and glass substrates for physical AI devices.