After 'semiconductor, display, and battery', bio is also designated as an advanced strategic technology, with 550 trillion+α investment


After 'semiconductor, display, and battery', bio is also designated as an advanced strategic technology, with 550 trillion+α investment 


Following semiconductors, displays, and secondary batteries, bio will be designated as a national high-tech strategic technology. The government has decided to provide all-round support for these high-tech industries with the goal of attracting more than KRW 550 trillion in corporate investment.


The government held the second meeting of the National High-Tech Strategic Industry Committee (Hi-Tech Committee), chaired by Prime Minister Han Deok-soo, at the Government Complex in Seoul on the 26th. The committee established the 'Basic Plan for Fostering and Protecting National High-Tech Strategic Industries' (2023~2027) to safeguard the competitiveness of domestic high-tech industries, and also voted to designate new national high-tech strategic technologies.


On this day, two additional bio fields, including animal cell culture and purification technology, were designated as national high-tech strategic technologies that are essential for securing initial gaps and protecting technology and manpower. Previously, there were only semiconductors (8), displays (4), and secondary batteries (3), but bio, a promising sector, was added to the list of high-tech strategic industries. As a result, the number of national advanced strategic technologies has increased to 17 in four industries. Earlier, Deputy Prime Minister and Minister of Strategy and Finance Chu Kyung-ho said on June 24, "We will foster the bio industry as the second semiconductor," and announced that a specific fostering plan will be released in June.


The number of national advanced strategic technologies to be supported and managed by the government is expected to increase in the future. Industrial sectors with high growth potential and economic security importance will be added. An official from the Ministry of Trade, Industry and Energy said, "We plan to consider expanding the scope of high-tech strategic industries to include future vehicles and robots after consultation with relevant ministries."


The first basic plan to support these industries is a five-year plan that was first prepared after the implementation of the National High-Tech Strategy Act in August last year. The core of the plan is to support timely investment in high-tech industries by companies such as semiconductors.


Prime Minister Han Deok-soo said, "We will focus on supporting investment, infrastructure, and location for high-tech industries, which are future growth engines and economic security assets." The government has set a goal of achieving KRW 550 trillion+α in private investment by 2027. Specifically, this includes KRW 340 trillion in semiconductors, KRW 62 trillion in displays, KRW 39 trillion in secondary batteries, KRW 13 trillion in bio, KRW 95 trillion in future vehicles, and KRW 2 trillion in robots.


The plan is to focus on providing incentives such as tax credits for corporate investment. A typical example is the creation of a system where companies present urgent and important investment projects, which the government reviews and designates as 'leading projects'. Once designated as a pioneer project, it can receive benefits such as licenses and financial support. The bill to amend the law has passed a subcommittee of the National Assembly.


In addition, the government has decided to pour 4.6 trillion won ($4.6 billion) into research and development (R&D) of core technologies in four fields for 10 years until 2032. Semiconductors will receive the most funding at 3.2 trillion won, followed by displays (95 billion won), bio (300 billion won), and secondary batteries (150 billion won).


To nurture the increasingly important high-tech talent, the government plans to actively promote the enactment of the 'Special Act on Talent Innovation in High-Tech Industries' (tentative title). It also plans to expand specialized graduate schools, industry-specific academies, and in-house universities.


In July, it will designate a specialized complex for national high-tech strategic industries, where customized support such as infrastructure construction will be provided. Currently, 21 candidate sites in three sectors, including semiconductors, have applied for the designation. The government will also raise sentencing standards to prevent the outflow of advanced technologies overseas.