The government and private sector will invest over 14-point-three trillion won, or nearly eleven billion U.S. dollars, in the auto parts sector.

In a roundtable meeting on Tuesday, the industry ministry announced a set of measures to support the transition to next-generation vehicles and their shipment overseas.

The ministry also laid out plans to expand investment in auto parts and increase such exports while also securing core technologies, fostering talent and pushing for special legislation.

With the investment, the government seeks to expand domestic EV production fivefold by 2030 and increase exports of automotive parts to the U.S. and the European Union as well as three key prospective markets of the Middle East, China, Japan and the Association of Southeast Asian Nations.

Through such measures, the ministry expects auto exports to exceed an all time high of 80 billion dollars this year, which in turn can also spur innovation in other high-tech sectors such as system semiconductors, large-sized displays, carbon composites, biohealth and software.