The Ministry of Trade, Industry and Energy of South Korea has announced a new program named 'Future Car Leapfrog Technology Development and Overseas Market Development'. The main objective of this program is to support the development of future car technologies and help South Korean car manufacturers to enter overseas markets. The government has allocated a budget of 442.5 billion KRW for this program in 2024. The program is expected to help South Korean car manufacturers to stay competitive in the rapidly evolving global car market.
Instrument
Grants
Financial Contribution (General)
Local Production Incentive
Purpose
Innovation
Investment promotion
Production incentives
Promotion of export and internationalisation
Agency
Ministry of Trade Industry and Energy - South Korea