South Korea unveiled Tuesday a plan to invest 514.1 billion won ($447.4 million) to jumpstart nano technology development this year.

The plan came as seven ministries including the Ministry of Science, ICT and Future Planning, three government-affiliated organizations and 11 state-backed research institutions mapped out budget plans to the National Science and Technology Commission.

About 84 percent of the budget, 430 billion won, will be used to support research and development in nano technology, according to the plan. 

It said that 49.3 billion won will used to train experts in the nano industry, while 35.5 billion won will be used to set up infrastructure. South Korea will focus on seven nano technology sectors including 3-D nano electronic devices, nano sensors applied with the Internet of Things, nano sensors for food and nano fibers.

The budget saw a slight drop compared to previous years. In 2015, government investment in nano technology reached 545.7 billion won, but it decreased to 518.1 billion won in 2016.

The government aims to increase the yearly budget for the nano industry to 880 billion won by 2025. It also aims to have 12,000 nano experts and 1,000 business entities engaged in the industry.

By Son Ji-hyoung (consnow@heraldcorp.com)