Seoul: South Korea has independently developed a computerized numerical control (CNC) system, one of the most essential components in machines, becoming one of only a handful of countries to possess the technology that will boost the productivity and global competitiveness of local manufacturers, the industry ministry said Wednesday.

According to Yonhap News Agency, CNC, a system used to control machine tools through computer programming, was developed by a Korean consortium named KCNC. This development aims to reduce the country's heavy dependence on imports of this critical technology. The consortium plans to commercialize the technology by next year.

Germany, Japan, and the United States currently dominate over 80 percent of the global CNC market, as only a few countries have succeeded in developing the complex technology, the ministry explained.

With the development of the indigenous technology, Korea's manufacturing industry expects the locally made CNC systems to account for more than 30 percent of the domestic market by 2032.

The ministry estimates that such a localization rate could generate an annual economic value of 200 billion won (US$145 million).

"CNC is the brain of manufacturing equipment and a key element in boosting productivity in areas such as artificial intelligence-driven smart factories," an official at the ministry said. "Securing advanced CNC technologies will help the local manufacturing industry significantly strengthen its competitiveness."