South Korea’s industry ministry announced that it plans to pursue investment projects worth 2 trillion won (roughly $1.44 billion) over the next ten years. These projects will leverage smart and clean energy technologies in the shipbuilding industry, according to a report by Yonhap News Agency.
The Ministry of Trade, Industry, and Energy revealed this initiative as part of its Vision 2040 – a strategic plan to develop cutting-edge technologies for ships. This includes features such as full autopilot capabilities and carbon-free engines. The government aims to transform Korea into a marine engineering powerhouse by utilizing automated production systems, moving away from the previously labor-intensive structure.
The government has also designated ten flagship projects that harness advanced technologies. These include developing liquefied carbon dioxide carriers and a carbon capture and storage system for ships. Additionally, the projects involve securing a fully autonomous system.
Increased R&D funding
Last month, the South Korean government announced a significant increase in its research and development (R&D) budget for 2024. The Korean Science Ministry stated that the country will allocate 24.8 trillion won ($17.9 billion) for R&D in the upcoming year, with a focus on emerging technologies.
Specifically, 3.5 trillion won will be directed towards three key areas: artificial intelligence chips, advanced biotechnology, and quantum technology. These investments are intended to drive national innovation. Furthermore, 2.94 trillion won will be set aside for basic research, and 2.4 trillion won will be dedicated to cutting-edge technologies, such as semiconductors and next-generation communications.
Space industry investment
Notably, the government announced that it will invest more than 1 trillion won in the space industry for the first time. This comes as South Korea recently launched its new space agency, the Korea AeroSpace Administration (KASA), which will be responsible for formulating the country’s space policy and contributing to the growth of the space sector. KASA began operations in May with a workforce of around 110 people, and plans to gradually expand its staff to a total of 293 employees.
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