The South Korean government plans to expand investment in research and development of key future technologies in line with the country's key digital policy projects.

First Vice Finance Minister Lee Eog-weon said Tuesday that the country will focus honing its competitive edge in new industries, including artificial intelligence, semiconductors and supercomputing, although he stopped short of elaborating on the amount.

This came amid a global chip shortage where leading countries like the U.S. are moving to beef up their competitiveness in the semiconductor sector.

South Korea also announced plans last month to establish the world's largest semiconductor supply chain over the next ten years.