Finance Minister Hong Nam-ki said on Wednesday that the government will invest four-point-seven trillion won next year in 5G telecommunications, artificial intelligence and new chip capabilities.

At the start of a meeting with heads of economy-related ministers, Hong said that the government will concentrate its resources and support on those key sectors next year in the hopes that growth in those areas will have spillover effects in other sectors.

The minister said that the government will spend one-point-seven trillion won next year on communications network infrastructure and artificial intelligence. 

About three trillion won will go to three new industries: system-on-chip, biohealth and future automobiles. 

Regarding plans for improving energy efficiency, Hong said the government will provide financial incentives for buyers of one of 19 designated high efficiency household appliances and also offer benefits for businesses that achieve certain efficiency targets.