The Ministry of Science and ICT said Thursday that the Korean government will invest 100 billion won ($77.6 million) to accelerate research and development efforts in the three major technology sectors -- semiconductors, displays and secondary batteries -- next year to secure key technologies and create new markets.

“It is very important to secure original technologies in the three major technologies of semiconductors, displays and secondary batteries as the future growth engines of our economy,” said Science Minister Lee Jong-ho.

“The government will continuously and systematically expand support to secure next-generation core technologies and foster professional talent in the major technology sectors that are needed by the private sector but hard to invest in," he said.

The government earlier designated 19 national flagship chip laboratories across the country to strengthen their capabilities. The government said it plans to continue pushing for support measures to nurture semiconductor designers and roll out new projects to foster chip experts in advanced packaging and battery professionals next year. The government will also link up with companies to set up majors at universities that guarantee students' employment at the companies.

The ministry said it will strengthen joint research efforts with the United States and European Union in 2024 by supporting their researchers through co-funding with the US' National Science Foundation and the European Commission. The government will push for personnel exchanges and provide support for materials, parts and equipment firms in collaboration with global semiconductor fabrication plants.

In April, the Korean government announced a roadmap to achieve what it called the “super gap” in the aforementioned three technical sectors. The country listed 100 core technologies it will look to develop in each area to take the lead in the global competition.

Led by pan-governmental efforts, the country launched research councils for the three areas in May, June and July. The councils included experts from relevant industries, academia and research institutes.

According to the announcement, the private and public sectors will each invest about 156 trillion won and 45 trillion won, respectively, for the three areas’ R&D efforts through 2027.