Seoul, April 28 (IANS) The industry ministry here said on Tuesday it will provide a combined 300 billion won ($203.6 million) in support for projects aimed at facilitating the artificial intelligence (AI) and green transformation of industrial complexes.

The support will be offered over the next three to four years for nine projects aimed at creating the so-called smart and green industrial complexes, according to the Ministry of Trade, Industry and Resources. The ministry will first invest a combined 90 billion won in the projects this year, reports Yonhap news agency.

Since 2019, the ministry has designated a total of 24 industrial complexes across the nation, including those in Changwon, Incheon, Daegu, Yeosu and Ulsan. These complexes are being used to push for AI and green transformation as part of a nationwide effort to foster innovation and eco-friendly growth of manufacturing industries.

“The government will do its utmost to support changes that can lead to stronger competitiveness of companies operating at the industrial complexes and the revitalisation of regional economies,” a ministry official said.

Meanwhile, the industry ministry held an inaugural public-private trade security dialogue with executives from major semiconductor, artificial intelligence (AI) and quantum companies to discuss ways to respond to myriad global challenges facing the key industries.

The Ministry of Trade, Industry and Resources discussed the semiconductor export control trend in the United States, China’s recent announcement of supply chain management regulations and other trade security issues with representatives from 10 companies in the three sectors, ministry officials said.

The ministry said it has launched the trade security dialogue as part of efforts to help the private industry navigate through strengthening trade security measures by major economies, including the U.S., China and the European Union, amid the intensifying global tech war.

“For the government to effectively formulate and implement trade security policies, in-depth communication with businesses is needed,” Yang Ghi-wuk, deputy minister for trade, industry and resource security, said, vowing efforts to help Korean industries maintain their competitiveness amid recent shifts in global trade order.

The ministry plans to establish hotlines with different business associations to help with the response to trade security issues by end-June and continue communications with major industries, including machinery, robotics and automobiles, the officials said.

—IANS

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