South Korea will increase its spending on chips, bio-health and next-generation vehicles by 43 percent next year as the country seeks to nurture new industries, the country's finance minister said Monday.

Finance Minister Hong Nam-ki said the government will earmark 6.3 trillion won ($5.4 billion) to support the three key industries in its 2022 budget proposal.

The country has set the non-memory chip, bio-health and next-generation vehicle sectors as the "BIG 3" industries where it seeks to create more jobs and foster innovation-driven growth.

Hong said the government plans to build more than 3,300 repair shops for electric cars and 26 ones for hydrogen-powered vehicles by 2025.

The country will also create a 100 billion-won fund to support the country's cosmetics, medical devices and pharmaceutical sectors. (Yonhap)