South Korea and the E.U. will conduct a joint research project worth 90 billion won (US$80 million). Korea is aiming to expand cooperation for the “creative economy” using the E.U.'s capabilities in science technology and research infrastructure.
The Ministry of Science, ICT and Future Planning (MSIP) announced that it held a fifth meeting of the EU-Korea joint committee on science technology at the Plaza Hotel in Seoul on June 15, together with the E.U.'s Directorate General of Research and Innovation (DG R&I).
The DG R&I is in charge of the European Commission's research and innovation policies and the E.U.’s new research and innovation program called “Horizon 2020.” Lee Suk-joon, the first vice minister at the MSIP, and Robert-Jan Smits, Director-General of DG R&I, attended the event as the head of each delegation.
The details of the joint research program, including the budget, was fully fleshed out at the meeting, and is expected to start this or next year. By area, 65.5 billion won (US$58.6 million) will be invested in nanotech, 5 billion won (US$4.5 million) in biotech, 4 billion won (US$3.6 million) in energy, and 15 billion won (US$13.4 million) in the ICT sectors.