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 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.

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