A new law classifying semiconductors and other industrial technologies as national cutting-edge strategic technologies subject to enhanced state support is due to take effect on Thursday.

The Ministry of Trade, Industry and Energy said on Wednesday that once the law is enacted, government support for corporate investment in semiconductors and other strategic industries will expand.

The law will encourage growth in the sector by designating specialized complexes to help accelerate approval procedures, supporting relevant facilities and institutionalizing deregulation.

The government will also offer educational programs through designated undergraduate and graduate schools and provide scholarships for qualifying students.

A committee on national cutting-edge strategic industries under the prime minister, which will serve as the highest decision-making body for relevant policies, is expected to launch and hold its inaugural meeting in September or October.