Over KRW 148.7b to be invested in 2024 for energy value chain projects

Over 100 proprietary technologies and 80 super-gap technologies will aid the energy value chain.

South Korea’s Ministry of Trade, Industry and Energy (MOTIE) secured 80 super gap technologies and 100 industrial proprietary technologies through the launch of joint R&D projects from South Korea-based firms and overseas R&D institutions.

Through the Comprehensive Strategy for Global Technology Cooperation, from 2024, the 180 projects will be utilised for the development of further studies and the exchange of information on “gamechanger” technologies.

An estimated 80 super-gap technologies will be needed to improve Korea’s value chain. Thus, $113.8m (KRW 148.7b) has been allotted for the securing of 48 technologies for 2024, and $917.4m (KRW 1.2t) will be dedicated to 2030.

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Additionally, 100 industrial proprietary technologies will be used for the buildup of Korea’s next-generation industry competitiveness, such as the application of AI computing, seminconductors, regenerative medicine, and vegetation with CCUS (carbon capture, utilization and storage) faculties. For that, an estimated $525.2m (KRW 687b) will be allotted for 2028 to construct a technology cooperation centre, with around 50 projects in 2024 that cost $50.8m (KRW 66.5b).

For the commercial release of the technologies, Korean researchers have planned to involve direct cooperation from global projects and secure intellectual property (IP) licenses.

The goal is to highlight the global project participation from Korean firms, from SMEs to middle-market firms, and alleviate issues of cost and inadequate connections in the market.