The government plans to create a 50 trillion won fund, the equivalent of about 34-point-three billion U.S. dollars, to support advanced industries such as semiconductors, rechargeable batteries and artificial intelligence(AI). 

The government announced the plan Wednesday during a meeting of economy-related ministers chaired by acting President Choi Sang-mok.

The government plans to create the new fund under the Korea Industrial Bank and provide more than 100 trillion won for high-tech industries in cooperation with other commercial banks.

The plan is part of efforts to bolster the country’s competitiveness in advanced industries amid increased uncertainties since the launch of the new Trump administration.

The industries eligible for support include semiconductors, rechargeable batteries, displays, biotechnology, defense, vaccines, hydrogen and AI.