The government will direct 160 trillion won in state and private funds to enhance research and development in the three key technology sectors of semiconductors, displays and next-generation batteries by 2027.

At an emergency economic ministerial meeting on Thursday, the science ministry announced the 120 billion-dollar strategy to support domestic firms secure cutting-edge technologies and create new markets in the three backbone sectors.

The government will select 100 specified technologies, including semiconductor devices, free-form displays and hydrogen fuel cells, to be given priority for state funding.

A joint government-civilian research consultative body will be launched for each of the three sectors in the first half of the year to plan out state-funded research and development projects, share the results and apply them in the field.

The government plans to offer legal and institutional support for speedy R&D investments, tax incentives, and programs to foster highly-qualified personnel in the industries.