South Korea will enforce a law banning unauthorized transfers of technology that could have an adverse impact on the economy and national defense from Saturday, said the country's Ministry of Commerce, Industry and Energy on Thursday.

A newly created industrial technology protection committee will designate sensitive technologies and monitor their cross-border movements, said the ministry.

Under the law, private companies, universities and laboratories that received state research and development funds will have to get authorization before they export technology.

Small and medium enterprises that do not have the resources to protect their technology could receive funds and security training from the government, the ministry added.

The ministry said the new law defines the illegal transfer of technology as a felony and allows the government to confiscate any profits from such transfers.

According to South Korea's Yonhap News Agency, local companies and the government spend roughly 24 trillion won (25.8 billion U.S. dollars) each year on various research and development projects.