South Korea prepares $46 billion fund for national strategic industries
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The fund will be offered over the next five years to firms across 12 industries designated as national strategic technologies.
PHOTO: AFP
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SEOUL - South Korea will establish a 50 trillion won (S$46 billion) policy fund to provide financial support to domestic companies involved in strategic technologies such as chips and autos amid intensifying global competition and protectionism, the government said on March 5.
“Competitiveness in advanced strategic industries has emerged to be the core of national economic security amid heightened external uncertainty under the new US administration
Since returning to office in January, US President Donald Trump has initiated a series of tariff threats
The state-run Korea Development Bank’s fund will be offered to companies in national strategic industries in the form of cheap loans and other investments over the next five years.
South Korea in recent years has designated 12 industries as “national strategic technologies” with targeted financial support and protection to respond to intensifying global competition and the fragmentation of supply chains.
These include industries such as semiconductors, future mobility, rechargeable batteries, biopharmaceuticals, aerospace and artificial intelligence.
A financial support package prepared specifically for the semiconductor industry in 2024 will also be integrated into the fund. REUTERS
