Innovation Drive: Korea's Strategic Tech Advancements

October 28, 2023 - Responding to the dynamic shifts in global industrial dynamics and supply chain disruptions, the Korean government today unveiled a series of measures aimed at strengthening the electronic components sector.

In a landmark move, the Ministry of Science and ICT, chaired by President Yoon Seok-yeol during the National Science and Technology Consultation Meeting, introduced the National Strategic Technology Cultivation Plan. This plan designates semiconductor, display, and secondary battery technologies as pivotal components of the nation's strategic technological landscape, recognizing their significance in the face of evolving geopolitical challenges.

To catalyze the growth of the industry, the government has committed to a 10% increase in research and development investments for the identified technologies. The R&D budget, set to rise from 37.4 trillion Korean won this year to 41.2 trillion Korean won in the upcoming fiscal year, reflects a robust commitment to innovation and competitiveness.

In the forthcoming budget, substantial allocations amounting to 2.651 trillion Korean won will be dedicated to key technologies such as system semiconductors, small modular reactors (SMRs), 5G open radio access network (Open RAN), quantum computing, and sensors. This injection of funds aims to foster breakthroughs and maintain Korea's technological edge in the global landscape.

Furthermore, recognizing the need for a robust legal framework, the government is actively working on the formulation of the "National Strategic Technology Special Law." This legislation will establish a comprehensive system to oversee the designation and management of strategic technologies, fortifying the foundation for sustained growth and resilience.

As nations worldwide intensify their focus on strategic technologies amid evolving international dynamics, Korea's proactive measures underscore its commitment to staying at the forefront of the electronic components industry. The government's initiatives are poised to reinforce the nation's technological resilience and ensure its continued prominence in the global arena.