Samsung Electronics and the Ministry of SMEs and Startups on Wednesday signed a memorandum of understanding to set up a 30 billion won ($25.4 million) fund supporting smaller tech firms here.

Samsung and the ministry are contributing 15 billion won each with the aim of supporting research work for locally-developed materials, parts and equipment for the next five years between 2022 and 2026.

“In order to respond to changes in this new normal era, innovation should occur not at a company but in the whole supply chain,” said Samsung Electronics President and CEO Kim Hyun-suk. 

“The latest MOU aims to elevate technical prowess and independence of local SMEs and seek a shared growth with them.”

The Korean tech giant, in a partnership with the ministry of SMEs, has already donated 20 billion won since 2013 to support a total of 31 smaller tech firms who develop new eco-friendly materials and key parts as part of efforts to nurture homegrown technologies.

Aside from funding, the firm has also carried out joint projects to support planning and testing. Of the 31 projects, 19 completed technologies have been adopted for Samsung’s products and services like its micro LED TV and Samsung Pay, with more to come.

For the new funding program, the company said it plans to focus more on futuristic technologies like system-on-chips, artificial intelligence, robotics, biohealth and new materials.