South Korea Plans $23 Billion Fund to Support Battery and Biotech

South Korea aims to invest at least 34 trillion won ($23 billion) to help companies develop cutting-edge technologies in the battery and biotech sectors citing rising geopolitical tensions and competition from China.

The government will set up a new fund under the state-run Korea Development Bank to offer low interest rate loans and buy stakes in the high-tech industries, a statement from the Finance Ministry said Wednesday. It didn’t specify a start date or completion time-line for the investments, or details of the fundraising.