South Korea has launched a US$34 billion policy fund to support strategic industries, including semiconductors and automobiles, aiming to stay competitive amid global competition.

Managed by the state-run Korea Development Bank, the fund will provide low-interest loans and investments over the next five years.

It will focus on 12 “national strategic technologies,” including future mobility, aerospace, rechargeable batteries, and AI.

Financial aid for the semiconductor industry from a previous program will be merged into this initiative.

To attract global talent, the government plans to offer top-tier visas and permanent residency to skilled professionals, strengthening the workforce in advanced technology fields.