Gov't to invest 170 bln won in strategic materials firms

industry ministry-support

Gov't to invest 170 bln won in strategic materials firms

SEOUL, May 17 (Yonhap) -- The government said Sunday it will invest 170 billion won (US$113.3 million) to support small and midsize companies engaged in the production of advanced strategic materials, parts and equipment,

The latest support also covers cutting-edge semiconductors and related industries.

Applications will be accepted through July 17 for the program that is aimed at helping promising small and midsize suppliers that make key materials and strategic goods that are critical to stabilizing supply chains in high-tech sectors, the Ministry of Trade, Industry and Resources said.

The program outlines offering assistance for 30 to 50 percent of new domestic facility investments made by eligible companies, the ministry elaborated.

The government has allocated 100 billion won in national funding this year, up 30 billion won from last year.

Including local government contributions, total support is expected to reach about 170 billion won, the ministry said.

The Ministry of Trade, Industry and Resources (Yonhap)

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