Scaling up Investment in 'Big 3' Sectors
The South Korean government decided to increase its budget in the future car, semiconductor and biotech sectors by 43 percent to 6.3 trillion won next year.
The government has provided a financial support of approximately 10 trillion won in the three sectors so far. The support is expected to further increase next year. Earlier, the government announced last month that a tax cut of 1.16 trillion won would be provided for three years to come in the semiconductor, battery and vaccine sectors.
The government also decided to expand electric and hydrogen vehicle inspection and repair infrastructure. According to the plan, inspection manuals will be drawn up and distributed this year and more advanced inspection equipment will be put to use. In addition, free repair of high-power batteries will be extended from two years or 40,000 km to three years or 60,000 km.
The government is planning to invest 186.5 billion won by 2028 in order to develop key sensor technologies in the fields of mobile, automobile, biotech and public. In addition, it will prepare a law for cosmetics business promotion so that innovative cosmetics companies can be designated and industry promotion plans can be established.