South Korea will inject 44.5 billion won ($37.7 million) in 2016 to support new technologies that can enhance the global competitiveness of its manufacturers, the government said Wednesday.
  

According to the Ministry of Trade, Industry and Energy's industrial parts and materials development strategy, state funds will be used to support cutting edge projects in such areas as autonomous vehicles, wearables, smart factories and the Internet of Things. IoT refers to products with embedded sensors and software that enables such objects to exchange data.
  

"The funds to be used are part of a larger effort to develop know-how that can help the country become a leader in future-oriented technologies," it said. "Emphasis will be placed on local development of components and materials."
  

Besides funds earmarked for new projects, the total size of support to beef up the country's capabilities in hightech manufacturing will hit 288.1 billion won in the new year, it said. This is up 1.8 billion won compared to the year before.
  

To further speed up development, the ministry said it will move to create closer ties between related state agencies and help link companies that can support joint development.
  

The ministry said the latest plan comes as Asia's fourth-largest economy moves to build up competitiveness in parts and material sectors that account for more than a half of the country's exports. (Yonhap)