Sector News

S. Korea earmarks $697.4 million for key materials, parts development

February 12, 2022
Energy & Chemical Value Chain

South Korea will earmark 841 billion won ($697.4 million) for research and development of key materials and parts this year in a move to reduce dependency on foreign supplies and boost competitiveness of local industries, the industry ministry said Thursday.

It is up 22 percent from last year’s budget, as the country has been ramping up efforts to nurture the materials and parts industry, particularly after Japan’s control on exports of key products in 2019.

Of the budget, 321.8 billion won will be spent on R&D projects to secure key technologies for 185 major industry items, such as rare metals for batteries and advanced chemical and display materials, according to the Ministry of Trade, Industry and Energy.

The government will also allocate 199.1 billion won to support the development of technologies for major materials and components in nine sectors, including semiconductors, displays, bio and energy, it added.

The ministry will begin receiving applications from local firms and institutions this week and choose projects in April.

“We will implement our policy measures on supporting the development of major materials, parts and equipment without a hitch to ensure their stable supplies regardless of outside factors,” a ministry official said.

In 2019, Japan imposed tighter regulations on exports to South Korea of three materials critical for the production of semiconductors and flexible displays, citing Seoul’s lax control system of strategic items that can be diverted for military use.

South Korea views the Japanese moves as retaliation against 2018 South Korean Supreme Court rulings ordering Japanese firms to compensate South Korean victims of forced labor during Japan’s 1910-45 colonial rule of the Korean Peninsula.

By Yonhap


comments closed

Related News

February 25, 2024

Antwerp Declaration for a European Industrial Deal: industry leaders call for 10 urgent actions to restore competitiveness and keep good jobs in Europe

Energy & Chemical Value Chain

During a European Industry Summit held on the site of BASF in Antwerp, leaders from basic industry sectors, representing 7.8 million workers in Europe, joined forces with European trade unions and European leaders to address pressing concerns regarding Europe’s industrial landscape.

February 25, 2024

Blue hydrogen could contribute 50% more to global warming than fossil fuels

Energy & Chemical Value Chain

The use of blue or low-carbon hydrogen, made from natural gas with carbon capture and storage (CCS), could increase near-term global warming by 50% compared with burning fossil fuels directly for energy if emissions are not properly managed, according to a new study by NGO the US Environmental Defense Fund (EDF) and the University of Arizona.

February 25, 2024

EU approves €6.9 Billion state aid for 33 hydrogen projects

Energy & Chemical Value Chain

In a move to improve the supply of renewable hydrogen and thus reduce dependence on natural gas and contribute to achieving the objectives of the European Green Deal and the REPowerEU plan, the EU Commission has approved a third Important project of common European interest (IPCEI) to support hydrogen infrastructure.

How can we help you?

We're easy to reach