South Korea will invest $150 Million (203 billion won) in nanotechnology this year, according to recent statements made by the Ministry of Science and Technology. This is a 98 percent increase over the amount spent for nanotechnology in 2001 by the Ministry.

According to the Korea Herald, ministry officials have said the funds will be invested in the nanotechnology sector for research, facilities, and manpower development.

A portion of these funds will be spent for the construction of a national nano fab and a fusion center linking information technology and nanotechnology. The education of high-quality nanotechnology engineers is another goal of the ministry.

The focus of the South Korean nanotechnology effort will be on those areas having the largest commercial potential. Long-term, these efforts are part of a ten-year master plan designed to make South Korean a strong competitor in the international nanotechnology community.