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Korea Aiming to Take Up 20% of Global Nanotech Industry by 2020
Small Scale Move
Korea Aiming to Take Up 20% of Global Nanotech Industry by 2020
  • By Jung Suk-yee
  • May 4, 2015, 06:00
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The Korean government will invest 177.2 billion won (US$164.2 million) in the industrialization of nanotechnology this year. The budget goes to seven techniques for industrial applications, including of that for manufacturing 3D nano-electronic devices used in intelligent robots and wearable smart devices, and industry infrastructure for production performance evaluation and the like. Strategic items are also selected so that small firms, which account for 90 percent of the industry, can better compete in the global market.

The Ministry of Science, ICT & Future Planning and the Ministry of Trade, Industry & Energy unveiled the plan on April 30 at the main office of CrucialTec located in Pangyo, Gyeonggi Province. “The global nanotech product market is estimated to reach US$3 trillion in size in 2020,” they explained, adding, “We will take up 20 percent of the market by means of large-scale investments.”

Nanotechnology can be defined as the use of new and improved properties obtained by the production and control of substances at a level of 1 to 100 nm. Nanotechnology is universal in nature and thus can be helpful in improving biotechnology, information technology, environmental technology, and many other fields.

The budget is divided into 122.4 billion won (US$113.4 million) for the development of the seven techniques, 32.5 billion won (US$30.1 million) for corporate assistance, and 22.3 billion won (US$20.7 million) for infrastructure expansion. The other six of the seven techniques are: environmental nanotech sensors applied to the Internet of Things for disaster prevention system establishment, nanotech sensors for food safety, functional nanotech fabrics, nanotech materials for rare metal catalysts, industrial nanotech materials for rare metal elements, and energy-saving water treatment systems.