[THE INVESTOR] South Korean government will inject 570 billion won (US$521.25 million) over the course of eight years to develop autonomous vehicle technologies.

These and other plans were revealed at the science and technology meeting held by President Park Geun-hye on Aug. 10. 

The government estimates that autonomous vehicles will account for 4 percent of the market in 2025, and 75 percent in 2035. However, Korea’s technologies in the field are estimated to be at about 77.5 percent of advanced nations.

As such, the government plans to promote R&D in related areas. As part of the plans, the government will focus on developing eight key components of autonomous vehicles including 3-D digital maps and radar and laser radar technologies by 2019. Autonomous vehicles will be tested in the deregulation zone in Daegu.

Through the plans, the government hopes to aid the development of vehicles capable of autonomously driving on expressways by 2024.

By Choi He-suk (cheesuk@heraldcorp.com)