Korea's Ministry of Trade, Industry and Energy announced that the Korean government is set to spend 35 billion Won (US$34.26 million; US$1=1021.60 Won) on developing home-made mobile CPU (Central Processing Unit) cores over the next five years, reported ZDNet Korea on May 14. The plan is to initially develop and commercialize mid-tier CPU cores used in wearable and IoT (Internet of Things) devices before making forays into more advanced ones that are packed in smartphones, tablets, and smart TVs. It is reported that 25 billion Won (US$24.47 million) will come from public funds while the rest 10 billion Won (US$9.79 million) will be provided by private funds.