The South Korean government announced on Sunday that it will invest 170 billion won (approximately $113.3 million) to support small and medium-sized enterprises (SMEs) involved in producing advanced strategic materials, components, and equipment.

This support initiative also extends to the cutting-edge semiconductor and related industries.

The Ministry of Trade, Industry and Energy stated that the program aims to assist high-quality SMEs in producing essential materials and strategic supplies required for the stable operation of high-tech industrial chains. The application deadline for the program is July 17.

The ministry further explained that eligible companies making new investments in domestic equipment can receive financial support covering 30% to 50% of the costs.

This year, the central government has allocated 100 billion won for this purpose, an increase of 30 billion won compared to last year.

The ministry added that, with matching funds from local governments, the total support is expected to reach 170 billion won.