Prime Minister Lee Nak-yon has emphasized the need for South Korea to enhance its technological prowess amid growing global competition in the tech field.  

Lee made the remarks at an event in Seoul on Monday to commemorate the 54th Invention Day. 

Noting that trade disputes between the U.S. and China are deepening due to the race to achieve technological hegemony, he said South Korea needs to arm itself with its own technologies, advance its own strategic industries and foster new industries. 

He said that, although South Korea is a leading global player in intellectual property that only trails the U.S., China, Japan and the European Union, it still has a long way to go. He said the government is seeking to enhance the level of knowledge by improving whole processes, including creation, protection and application. 

Also noting the earmarking of a 20-trillion-won budget for research and development for the first time in South Korean history, he said he hoped it would help the country become more competitive.