Investment in R&D

 

The Ministry of Trade, Industry & Energy announced on March 11 that it earmarked 3.25 trillion won (US$3.039 billion) for industrial and technological R&D this year, an increase of 3.3 percent from a year earlier. 

According to its budget execution plan, the ministry is going to spend 472.8 billion won (US$442.1 million) on 13 new industry projects for wearable devices, unmanned aircraft, self-driving vehicles, and the like, while working on global leading strategic technologies in these fields. At the same time, it will invest 292.4 billion won (US$273.3 million) in the development of key components and materials for global procurement, 156.5 billion won (US$146 million) in the Global Advanced Technology Development Project, and 41.1 billion won (US$38.4 million) in the Future Industry Technology Development Project. A total of 641.4 billion won (US$599.7 million) has been allocated for green energy R&D. 

The Office of Strategic R&D Planning of the ministry announced four new project plans, too. These include action plans for the promotion of the growth of global hidden champions, the optimization of R&D budget investment, improved management of industrial engines and large-scale convergence tasks for creative economy, and the enhancement of cooperation among small firms, colleges, and research institutes. 

“Our industrial and technological policy for this year will focus on R&D investment so that Korean companies can be the first movers in major industries and create more decent jobs,” said deputy minister Kim Jae-hong.

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