The Ministry of Science and ICT announced on Thursday that it will invest 132-point-four billion won, or over 98 million U.S. dollars this year in research and development in the fields of information and communications technology.

This includes semiconductors, displays, secondary batteries, ultra-high-performance computing and superconductivity, which are cutting-edge strategic technologies that will determine future national competitiveness.

However, the figure for 2024 is 15 percent less than last year's 155-point-seven billion won.

The majority allotment, 83-point-nine billion won, will be invested in the semiconductor industry to develop next generation technologies such as intelligent semiconductors, PIM semiconductors and compound semiconductors, while also supporting the training of professionals.

Meanwhile, the ministry also announced it will focus on high-risk, large-scale projects in support of industrial and energy-related R&D projects.