Government Invests 27.2 Billion KRW in Technology Development Dedicated to Root Companies

[Sejong=Asia Economy Reporter Kwon Haeyoung] The government will invest 27.2 billion KRW this year in a technology development project exclusively for root companies.

The Ministry of Trade, Industry and Energy announced on the 17th that it will open applications for new research and development (R&D) support projects aimed at increasing the added value of the root industry until the 19th of next month.

This project is the only domestic technology development project exclusively for root companies that develops core process technologies required for parts and modules demanded by global customer companies. The support scale this year is 27.2 billion KRW, a 120% increase compared to last year, of which the budget for new projects is 12.9 billion KRW.

The Ministry of Trade, Industry and Energy has finalized and announced a total of 21 projects considering future demand and technological convergence of front industries such as automobiles, machinery/heavy equipment, and electronics. Especially this year, it plans to focus on supporting projects that align with overall manufacturing technology trends and environmental changes, such as responding to future demand like electric vehicles, convergence of process technologies due to the 4th Industrial Revolution, and eco-friendly processes. The number of global demand companies has also expanded from 35 last year to 156 this year to strengthen commercialization linkage.

This year’s major support projects include ▲welding technology development for manufacturing sensor modules for smart cars ▲development of eco-friendly surface treatment technology for automobiles capable of realizing various colors ▲injection mold design for manufacturing side covers for 9-speed transmissions.

An official from the Ministry of Trade, Industry and Energy stated, "To transform the root industry into a future-oriented structure, we will continuously enhance the competitiveness of the root industry in connection with the 'Root 4.0 Competitiveness Enhancement Master Plan' announced last year."

This content was produced with the assistance of AI translation services.