Government Finalizes 15 Ultra-Innovative Economy Projects... Major Investments in Superconductors, Bio, Digital Health, and K-Content

Over 30 Billion Won Invested in High-Temperature Superconducting Magnet Development
1.5 Trillion Won Clinical Phase 3 Specialized Fund for Bio Industry

The government has finalized the last implementation plan for the "15 Leading Projects for the Ultra-Innovative Economy," which have been promoted with the goal of transitioning to an ultra-innovative economy. The plan focuses on infrastructure investment and technology development to secure industrial competitiveness.

On December 16, Deputy Prime Minister and Minister of Economy and Finance Koo Yuncheol held a meeting of ministers related to strengthening industrial competitiveness and a Growth Strategy Task Force (TF), where he announced the implementation plans for four key projects: superconductors, K-Bio global commercialization, K-Digital Healthcare, and K-Content. With this fourth announcement, the government has now established implementation plans for all 20 projects under the 15 leading ultra-innovative economy initiatives, which were first introduced in the "New Government Economic Growth Strategy" last August. Previously, the government announced: ▲ In the first round in September, projects on power semiconductors, LNG cargo tanks, graphene, special carbon steel, and K-Food; ▲ In the second round in October, projects on smart agriculture and fisheries, development and utilization of ultra-high-resolution satellites, building an AI bio open ecosystem, and K-Beauty; ▲ In the third round in November, projects on next-generation solar power and power grids, offshore wind power and HVDC (high-voltage direct current), and green hydrogen and SMR (small modular reactors).

In the field of superconductors, the government has set a key goal of achieving industrial innovation in core sectors such as healthcare, energy, and transportation by commercializing high-temperature superconducting magnets by 2030. High-temperature superconducting magnets exhibit superconductivity at higher temperatures (-196°C) compared to low-temperature superconductors (-268°C), resulting in reduced cooling costs, size, and weight, and are advantageous for achieving higher magnetic fields.

To this end, the government has allocated a new budget of 8 billion won for the development of practical high-temperature superconducting magnet technology, 9.3 billion won for high-temperature superconducting magnet technology development, 2.2 billion won for high-temperature superconducting conductor technology development for fusion reactors, and 12 billion won for the establishment of superconducting conductor testing facilities, totaling over 30 billion won. The government plans to build a test building next year to establish testing facility infrastructure for superconducting conductors in extreme environments such as cryogenic conditions, aiming to begin trial operations by 2028.

For the K-Bio global commercialization support project, the government aims to double biopharmaceutical exports to 11.6 billion dollars by 2030, compared to last year’s 5.8 billion dollars, and to create three blockbuster new drugs. Another goal is to raise Korea’s global clinical trial ranking from sixth to third place.

To achieve this, the government will promote the creation of a mega-fund worth 1 trillion won. Next year's budget includes a government contribution of 60 billion won out of a total 150 billion won for a phase 3 clinical trial-focused fund, 20 billion won for the K-Global Vaccine Fund, 9.6 billion won for the Physician-Scientist Leap Program to secure talent, 2.4 billion won for structure-based AI drug development, and 24.5 billion won for supporting K-Biohealth’s global expansion, either newly established or expanded.

In the K-Digital Healthcare sector, the goal is to spread successful export models utilizing overseas hubs by 2030. The government will expand support for overseas expansion of existing ICT-based medical systems and simultaneously promote new export models. The budget for supporting exports of ICT-based medical systems will be increased by 3 billion won from 2.5 billion won this year to 5.5 billion won next year, and support will be strengthened for demonstration, regulatory approval, and export linkage using overseas acquired hospitals and other facilities. To promote non-face-to-face medical services beyond overseas patient teleconsultation, a new budget of 400 million won will be allocated to build an integrated platform.

In the K-Content sector, the government will simultaneously strengthen the foundation for industry growth and global expansion. Next year, the government will invest 430 billion won in the K-Content Fund to support the acquisition of major intellectual properties, provide 9.3 billion won to foster K-Culture global startups, and newly allocate 32.5 billion won for an AI-specialized content academy and workforce development by genre. Additionally, 7.9 billion won will be invested to support K-Content’s overseas expansion in connection with Korean cultural centers abroad.

The government plans to boost the potential growth rate by 2030 through package support that combines fiscal, tax, financial, workforce, and regulatory improvements for the entire ultra-innovative economy project, including the four tasks announced this time. The government stated, "With concerns about a declining potential growth rate due to demographic changes, reduced investment, and slowing productivity, we will designate the next five years as a 'golden time' and transition to a leading economy by securing ultra-innovative technologies and preempting global markets."

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