S. Korea to create 50 trillion Korean won fund for key strategic industries

Korea is poised to set up an advanced strategic industry fund of 50 trillion Korean won or some 34 billion U.S. dollars over the next five years.

The fund will seek to support key future industries such as batteries and chips.

Intentions to this end were shared during a related meeting earlier on this Wednesday presided over by acting President Choi Sang-mok who also underscored the importance of securing a head start amid a rapidly changing environment with proactive and bold industrial investments.

Now the aforementioned fund is expected to reach some 68 billion U.S. dollars with the support of commercial banks.