South Korea will inject 1.08 trillion won ($962.3 million) into research and development this year to bolster its capabilities in the energy sector, the government said Tuesday.

The funds are to be used for 19 projects that cover the development of new energy resources, nuclear power generation and radioactive waste management, the Ministry of Knowledge Economy said.

“Money will also be given to building up know-how in renewable energy that is critical for sustainable growth,” it said.

The ministry in charge of the country’s industrial and energy policies added R&D funds are to allocated to creating marketable technologies, and improving the safety and efficiency of electrical appliances.

“This year’s plans call for helping local renewable energy companies expand into foreign markets and strengthen South Korea’s ability to cope with power shortages and potential accidents involving nuclear power plants,” it said.

The ministry said greater emphasis will be placed on acquiring key technologies to build advanced atomic reactors, smart grids and power storage units.

As part of the ongoing effort to promote balanced growth, all projects to receive state R&D support must involve small and medium enterprises.

Seoul, in addition, will spend 41.8 billion won on training energy experts and engineers, with 20.9 billion won to be set aside to conduct international research with countries in North America, Europe and the Middle East, the ministry said. 

(Yonhap News)