South Korea launches $34 billion fund for strategic industries
An ambitious leap to bolster key industries amid global competition.
South Korea has announced the creation of a $34 billion policy fund to support companies in key industries such as semiconductors, automotive, and advanced technologies, in response to growing global competition and protectionist policies.
The state-run Korea Development Bank will manage the fund by providing low-interest loans and other financial support over the next five years to businesses involved in national strategic industries.
The government stressed that maintaining competitiveness in these strategic sectors has become crucial to the country’s economic security, particularly amid the uncertainties caused by the new US administration.
South Korea has identified 12 industries, including semiconductors, AI, and biopharmaceuticals, as critical for its future economic stability and will offer targeted financial support to strengthen these sectors.
In addition to the fund, South Korea also unveiled new policies to attract skilled global talent in cutting-edge fields. These measures include offering top-tier visas and permanent residency to professionals with experience at major international firms, aiming to enhance the country’s workforce in strategic industries.
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