The Ministry of Science and ICT will invest 287.9 billion won ($263 million) in the research and development of new materials and nanotechnology next year, according to the ministry’s announcement, Tuesday.

The ICT Ministry’s 2021 budget for nanotechnology and materials R&D has increased 25 percent from the previous year and accounts for 70 percent of the 417.3 billion won allocated to support the materials, parts and equipment sectors here.

Around 41.5 billion won will be injected to help 28 research teams discover new materials that can be applied to next-generation tech products.

In addition, 34.4 billion won will be provided to projects to develop display materials capable of delivering both audio and visual signals, as well as electronic devices that can be injected into the human body.

The ministry has separated 6 billion won to support research in the bionanotechnology field as well.

Studies on technologies expected to produce new key materials for the nation‘s main exports, including semiconductors, displays and automobiles, will be provided with 83.2 billion won.

This 83.2 billion-won budget is in line with, but not part of, the nation‘s 5 trillion-won plan announced in July to support the materials, parts and equipment industries to ensure stable supplies for the nation’s key exports, the ministry explained.

The ICT Ministry plans to spend 64.3 billion to establish new facilities for semiconductors.

By Shim Woo-hyun (ws@heraldcorp.com)