S. Korea to spend over W5tr in supporting chips, 2 other sectors next year

South Korea's top economic policymaker said Thursday the government plans to spend more than 5 trillion won ($4.3 billion) in supporting chips, bio-health and next-generation vehicle sectors next year.

Finance Minister Hong Nam-ki said the country will spare no effort to nurture the three "big" industries. This year, the government plans to offer financial support worth some 4.2 trillion won to the sectors.

The country has designated semiconductors, batteries and vaccines as three key national strategic technologies in a bid to provide targeted support to the sectors.

The government plans to expand tax incentives of 1.16 trillion won for corporate research and development (R&D), and investment in those sectors under a proposed tax code revision.

Hong also said the country plans to build up charging infrastructure for electric and hydrogen-powered vehicles in a preemptive manner.

The government will seek to sharply increase the number of chargers for electric vehicles, including equipping more than 12,000 fast chargers at highway rest areas and other main transportation posts.

It plans to construct more than 70 charging stations for hydrogen fuel cell cars in the second half to achieve the target of building 180 stations by year-end. (Yonhap)