South Korea will invest 669.3 billion won ($626 million) into research and development (R&D) of nanotechnology, the government has announced.
Investment will focus on areas with the largest commercial impact, the Ministry of Science and ICT said, such as nanomaterials that can be used for artificial intelligence, big data, and the Internet of Things (IoT).
There will also be support for 3D nanoelectronic devices, sensors for IoT, biomechanics, fibres, and precursors, the ministry said.
It marks a slight rise from last year's investment of 648.3 billion won by 11 government-backed research institutes in the same areas.
As of 2017, a total of 1133 patents in nanotechnology were registered in the US, the ministry said, and the long-term goal is to register around 5,000 by 2025.
It also hopes South Korea will be ranked third in nanotechnology just behind US and Japan by 2025 with annual investment reaching 880 billion won with 12,000 core research personnel.
Last year, South Korea topped APAC for direct government funding and tax support for business R&D last year, according to the OECD.
In March, government-backed ETRI announced the development of 5G, Wi-Fi steering technology.
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