Korea will invest 930 billion won ($858.7 million) until 2020 to boost the nano industry as part of its efforts to make the country one of the world's top three players in the area, the government said Tuesday.

The envisioned investment consists of 650 billion won set aside by the central government for its budget and 280 billion won assigned by the private sector and municipal governments, according to the Ministry of Knowledge Economy.

The money will be spent on research and development activities in the nano industry, it added.

In addition to the investment plan, the ministry said that it aims to become the world's third largest country in terms of global market share in the nano industry. To that end, the government will push to achieve $250 billion in exports of nano products or about 10 percent of the global market until 2020.

The ministry noted that the government has spent more than 2 trillion won over the past decade to develop the local nano industry, which helped the country become one of the top four players in terms of technology levels in the cited area. (Yonhap News)