South Korea and France will invest a combined 3 billion won ($2.65 million) in the coming three years to develop self-driving technology, the trade minister here said Wednesday.

In a Seoul forum, the two sides agreed on the project to jointly study traffic jam assistant technology, which helps a car drive itself in traffic-jam conditions, according to the Ministry of Trade, Industry and Energy.

Each country will fund 500 million won every year over the next three years, it added.

Leading auto companies and electronic firms including Renault S.A., its South Korean unit, Renault Samsung Motors Co., LG Electronics Co., and Valeo S.A., a French automotive supplier, will participate in the collaborative project.

The ministry said the Korea-France co-developed TJA program will go into mass production in 2020. (Yonhap)