Acting President Choi Sang-mok said Wednesday that the government will create a massive fund worth more than 34 trillion won, or about 23-point-five billion U.S. dollars, to support the high-tech battery and biotechnology industries.

The acting president unveiled the plan during a meeting with economy-related ministers at the government complex in Seoul.

Choi said the proposed fund, to be established at the Korea Development Bank, will be more than double the value of the current support program for the semiconductor industry. 

The acting president said the government will pursue various support measures, including low-interest loans, and will swiftly devise a detailed plan to create the fund, adding that it will discuss related legislation with the National Assembly in March.

Choi also vowed to drastically expand financial support for small and midsize businesses that manufacture parts and materials for high-tech industries.

In addition, the acting president said the government will hold a national artificial intelligence(AI) committee meeting in February to discuss a detailed strategy to bolster the country’s AI capabilities.