Gov’t to increase support for steel, petrochemical R&D

[THE INVESTOR] The government will increase its support for R&D in steel, petrochemical and shipbuilding industries as part of its strategy to improve exports and investments.

Key R&D areas specified in the plans, revealed on July 7, include that for developing lightweight steel for automobiles, developing plastics with structural strength matching that of steel, and developing eco-friendly ship-related technologies. 

For the steelmaking industry, the government hopes that lightweight automotive plates, steel products for low temperature, high pressure and other extreme conditions will raise Korea’s steel exports to US$ 17 billion by 2020.

The 2020 target for the petrochemicals industry is set at US$ 12.2 billion. For the shipbuilding industry, the government will ease regulations to aid R&D and the commercialization of new technologies.

By Choi He-suk (cheesuk@heraldcorp.com)