S. Korea to Make Huge Technology Development Investments in '04
Tuesday February 10, 9:47 AM
SEOUL, Feb 10 Asia Pulse - South Korea will invest 950 billion won (US$816 million) in promoting technology development and infrastructure this year, the commerce ministry said today.
The Ministry of Commerce, Industry and Energy approved plans to spend 601 billion won on developing 10 next-generation growth engine industries and 348.8 billion won on establishing an infrastructure for industrial technology.
The ministry shortened the period for completing new technology transfers, when private companies take over research in return for providing aggressive support, to seven years from 10. It will also designate 30 more advanced technology centers for subsidies worth 400 million won per year over the next five years.
To expand international cooperation on technology development, the ministry will seek to establish an Asia-wide fund for industrial and technological cooperation with South Korea, China and Japan as central players, officials said.
The ministry will also pick eight more universities to undertake technology development, infrastructure establishment and personnel training, along with companies in their regions. They will receive a combined 10 billion won in subsidies after joint review by the commerce and education ministries.
"Besides the appointment of outside experts and use of credit cards for research cost, the differentiated grading of costs will enhance the transparency and the effectiveness of the project," a ministry official said.
(Yonhap) |
