The government said Wednesday that it will allocate an additional 1.1 billion won ($958,000) to the development of next-generation semiconductors in an effort to boost the industry.

This year's R&D budget will be put at 35.6 billion won, according to the Ministry of Trade, Industry and Energy.


The state research and development funds will help the country maintain its worldwide competitiveness and raise self-sufficiency in the production of semiconductors, the ministry said.

The state R&D expenditure into the industry tumbled in recent years, with 72.8 billion won in 2013, 59.9 billion won in 2014, and 56.1 billion won in 2015.

The ministry said it plans to secure additional budget for next year in the field of system semiconductors R&D.

Also, the government will support Samsung Electronics Co. and Hynix Semiconductor Inc., the world's top two computer memory chip makers, form a fund worth 200 billion won later this year. (Yonhap)