South Korea will invest 1.141 trillion Korean won in the research and development of materials and components, supporting over a hundred projects
The South Korean Ministry of Industry, Trade, and Resources announced a total investment of KRW 1.141 trillion in research and development (R&D) of materials and component technologies, with a focus on building a significant leading position in advanced industries, stabilizing supply chains, and achieving carbon neutrality.
On March 4th, the South Korean Ministry of Industry, Trade, and Resources announced for the first time a new material and component technology development project worth 245.1 billion Korean won (183.7 million US dollars). These announced projects are part of the Industrial and Energy R&D Investment Strategy released on January 18th, with plans to focus on advancing cutting-edge technology, stabilizing supply chains, and achieving carbon neutrality.
Initially, 69.4 billion Korean won will be invested in technologies aimed at expanding the leading position in advanced industries such as semiconductors, displays, and aerospace. This includes the development of gallium nitride (GaN) semiconductor processes, equipment, and modules for high-capacity automotive battery charging, non-contact tactile materials in augmented reality (XR), and lightweight heat-resistant titanium aluminum (TiAl) compressor blades and low-pressure turbine blades for aircraft engines, supporting 35 new projects.
In addition, a new investment of 58.6 billion Korean won will be made in technology development for 185 supply chain stabilization projects highly dependent on specific countries/regions, which is more than five times the new investment amount last year. It is worth noting that this includes the development of multilayer ceramic capacitors (MLCC) to replace rare earth elements, the recycling process technology for waste rare earth magnets in electric vehicle motors, and the development of core materials and application products for bio glycols.
In addition, in response to global environmental regulations such as the EU Carbon Border Adjustment Mechanism (CBAM), South Korea will allocate a new allocation of 54.5 billion Korean won to develop carbon neutral technologies for materials and components. The department has previously supported the development of carbon neutrality process technologies in key industries such as steel and cement through carbon neutrality industry core technology development projects.
This year, the South Korean Ministry of Industry, Trade, and Resources has added a carbon neutrality department to its materials and component technology development projects, supporting 29 projects, including the technology of recycling waste into aluminum alloy materials and the technology of developing green fiber materials using captured carbon dioxide. In addition, the government has decided to provide investment related technology development support funds of KRW 62.6 billion to enterprises that attract private investment.
In terms of goal oriented technology development, out of 121 announced new projects, 111 are planned as large-scale integrated projects with each budget exceeding 10 billion Korean won, aimed at achieving technological progress and rapid mastery of technology. In addition, 55 projects have been designed as overseas linkage projects.
Initially, 69.4 billion Korean won will be invested in technologies aimed at expanding the leading position in advanced industries such as semiconductors, displays, and aerospace. This includes the development of gallium nitride (GaN) semiconductor processes, equipment, and modules for high-capacity automotive battery charging, non-contact tactile materials in augmented reality (XR), and lightweight heat-resistant titanium aluminum (TiAl) compressor blades and low-pressure turbine blades for aircraft engines, supporting 35 new projects.
In addition, a new investment of 58.6 billion Korean won will be made in technology development for 185 supply chain stabilization projects highly dependent on specific countries/regions, which is more than five times the new investment amount last year. It is worth noting that this includes the development of multilayer ceramic capacitors (MLCC) to replace rare earth elements, the recycling process technology for waste rare earth magnets in electric vehicle motors, and the development of core materials and application products for bio glycols.
In addition, in response to global environmental regulations such as the EU Carbon Border Adjustment Mechanism (CBAM), South Korea will allocate a new allocation of 54.5 billion Korean won to develop carbon neutral technologies for materials and components. The department has previously supported the development of carbon neutrality process technologies in key industries such as steel and cement through carbon neutrality industry core technology development projects.
This year, the South Korean Ministry of Industry, Trade, and Resources has added a carbon neutrality department to its materials and component technology development projects, supporting 29 projects, including the technology of recycling waste into aluminum alloy materials and the technology of developing green fiber materials using captured carbon dioxide. In addition, the government has decided to provide investment related technology development support funds of KRW 62.6 billion to enterprises that attract private investment.
In terms of goal oriented technology development, out of 121 announced new projects, 111 are planned as large-scale integrated projects with each budget exceeding 10 billion Korean won, aimed at achieving technological progress and rapid mastery of technology. In addition, 55 projects have been designed as overseas linkage projects.