The Moon Administration has chosen non-memory chips, bio, and future car as three key industries the government is investing in to help boost innovative growth in the country.
Today, the government unveiled plans to develop future cars.
Our business correspondent Kim Hyesung reports.
The Korean government announced plans on Tuesday to nurture the country's future car industry, including electric cars, hydrogen cars and self-driving cars.
"Our goal is to increase the percentage of electric cars and hydrogen cars from 2 percent of the new car market in 2019 to 33 percent by 2030 and their global market share to 10 percent by 2030. We aim to be the first in the world to have level four fully autonomous cars on the roads in Korea by 2027."
The auto industry is crucial to the South Korean economy, making up 7 percent of its GDP and 10 percent of exports.
As global auto industry growth is slowing down and major automakers are making the transition into driverless cars, the Korean government aims to boost its competitiveness in future cars.
To do that, the government will provide driverless car related laws such as insurance and road infrastructure by 2024.
It will cooperate closely with the private sector which is investing more than 50 billion U.S. dollars over the next ten years to produce future cars and related technology.
To help increase domestic demand for future cars until it has economy of scale, the government will provide subsidies so the cars are priced at around 33 thousand dollars and use hydrogen and electric public buses, taxis and trucks.
As for infrastructure, the government plans to provide 660 hydrogen fueling stations by 2030 and 15-thousand electric vehicle charging stations by 2025.
Kim Hyesung, Arirang News.