Seoul: South Korea aims to induce 30 trillion won (US$20.8 billion) in corporate investment by 2030 to develop 40 key technologies in the materials, parts, and equipment sector, essential in the fields of artificial intelligence (AI) and quantum computing, the industry ministry said Thursday.

According to Yonhap News Agency, the Ministry of Trade, Industry and Resources outlined plans to establish 20 special industrial complexes for materials, parts, and equipment companies by 2030, including 10 currently in operation. The initiative seeks to harness corporate investment through incentives such as low-interest loans, subsidies, and business consultation services, while also streamlining regulations related to construction and research and development (R and D).

The proposed special zones are envisioned to become export hubs equipped with cutting-edge R and D facilities powered by AI and other advanced technologies. This initiative forms part of the government's five-year plan to strengthen related fields, aiming to nurture 15 companies with global competitiveness by 2030.

South Korea initially introduced this blueprint in 2019 to reduce its reliance on Japan for key industrial materials, following Tokyo's imposition of export control measures, which were lifted in 2023.