Seoul: The government on Tuesday unveiled a comprehensive road map to promote technological innovation in South Korea's chemical industry, focusing on a transition to high-value and eco-friendly products, the industry ministry announced.

According to Yonhap News Agency, the Ministry of Trade, Industry and Resources has set an ambitious goal to elevate South Korea's chemical industry to the fourth most advanced globally by 2030. This initiative aims to improve the industry's current fifth-place standing in the high-value transition of chemical products.

The newly introduced five-year plan targets a shift from mass production of commodity products like ethylene and propylene to high-value specialty products. This strategic move is designed to address the oversupply issue arising from China, by focusing on the development of core materials essential for advanced industries such as semiconductors and automobiles.

The chemical industry will be tasked with innovating materials for a variety of advanced applications. These include packaging materials for on-device artificial intelligence chips, materials for foldable and wearable devices, electrolytes for next-generation lithium batteries, and materials for electrical and electronic systems in electric vehicles.

To achieve these objectives, the government plans to bolster the sector through support for research and development projects aimed at developing and commercializing advanced technologies. Additionally, the plan includes aiding the industry's integration of artificial intelligence.

A key component of the road map's implementation is the formation of a chemical industry innovation alliance, comprising the government, 130 chemical companies, and research institutes. This alliance is expected to drive the industry's transformation efforts.

The road map aligns with the petrochemical industry's ongoing efforts for voluntary business restructuring. All 16 major petrochemical firms have recently submitted initial restructuring plans, which include a significant reduction of their combined naphtha cracking capacity by up to 3.7 million tons.