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Korea pumps $23 billion into EVs and biotech in bid to spur growth
Korea will create a 34 trillion won ($23.4 billion) fund to bolster high-tech sectors like EV batteries and biotechnology.
Korea will establish a fund worth at least 34 trillion won ($23.4 billion) to support high-tech sectors such as EV batteries and biotechnology, acting President Choi Sang-mok said Wednesday. The move comes as the country faces rising trade uncertainty driven by U.S. President Donald Trump’s tariff threats, intensifying global market competition, and waning domestic growth momentum. On Tuesday, the government and the ruling People Power Party agreed to pass the special chips bill, which would permit employees of the semiconductor industry to work beyond the nation's 52-hour workweek cap, in February.
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