South Korea will expand support for research and development efforts by local venture firms and institutes to fully embrace the fourth industrial technology revolution, the commerce ministry said Thursday.

The Ministry of Trade, Industry and Energy launched an industrial technology R&D exhibition at the Convention and Exhibition Center in southern Seoul, with 122 companies and 560 research institutes and labs from home and abroad.

The three-day exhibition presents the latest emerging technologies and innovative gadgets based on artificial intelligence, virtual reality, augmented reality and robotics platforms.

"To get ahead in the era of the fourth industrial revolution, the government and the private sector should work together to come up with systematic strategies and put forward concerted efforts," Paik Un-kyu, minister of trade, industry and energy, said in an opening address.

"The government will expand support throughout the technology development stages starting from R&D and help rev up cooperation between industry and academic circles to target the global market with innovative products." (Yonhap)