Seoul, Feb 23 (IANS): The South Korean government and the country's major chipmakers agreed on Thursday to jointly nurture more than 2,300 top-level talents in the semiconductor field over the next decade in an effort to maintain global technology prowess, the industry ministry said.

The ministry signed a memorandum of understanding with Samsung Electronics Co., SK hynix Inc. and the Korea Semiconductor Industry Association, which calls for earmarking a total of 222.9 billion won ($171.72 million) together starting this year through 2032 for various research and development projects, according to the Ministry of Trade, Industry and Energy.

The projects will be led by chipmakers in cooperation with universities, through which the country is expected to secure at least 2,365 experts holding a master's degree or higher in the semiconductor field over the next 10 years, it added, reports Yonhap news agency.

The move came as the government has been extending support for the chips industry amid intensifying global competition and manpower shortages facing the sector.

Semiconductors are a key export item for South Korea, accounting for around 20 percent of the country's total exports.