The government will invest as much as 600 billion won in research and development projects that require advanced technologies but are deemed to have little chance of success.

The Ministry of Trade, Industry and Energy on Tuesday announced the launch of the Alchemist Project, a program designed to generate breakthroughs in the most challenging industrial fields.

Under the project, the ministry will support technological developments that may have low probability of success but are considered to have huge upsides for future generations.

To begin with, ten billion won will go to test projects in five areas this year: automobiles, robotics, cutting edge equipment, renewable energy and energy efficiency.

The ministry will set up a committee to identify worthy projects in these areas, and will also conduct a public survey to identify public interest in particular areas. Based on these findings, a list of projects will be announced in the first half of this year.

The ministry is also preparing a longer-term project with the science ministry by securing funds of 600 billion won to support difficult but potentially paradigm-shifting research and development.