Minister of Knowledge Economy Choi Kyung-hwan said at a National Assembly briefing on Friday that his ministry will launch joint government and private R&D projects to develop future growth industries.

The large-scale projects will converge mainstay Korean businesses, including semiconductor chips, nuclear power plants and bio-drugs, to pioneer the generation of new growth drivers.

The ministry plans to invest some 300-billion won per project over the next five to seven years.

In addition, a strategic investment committee will be established to decide and manage the direction of investment. Core talents from the private sector will hold permanent positions as standing members on the board.