SEOUL, Dec. 1 (Korea Bizwire) — More than 1 in 4 South Korean small businesses had to abort research and development (R&D) activities because of the pandemic last year, a survey showed Tuesday.
The Korea Industrial Technology Association conducted a survey of 479 companies with a dedicated institute or a research facility, among which 65 percent of large-sized companies and 58.1 percent of medium-sized companies began new R&D projects this year.
In contrast, only 44 percent of small companies said likewise, indicating a higher number of smaller companies that have retreated from R&D activities.
In terms of investment prospects for the latter part of this year, conglomerates and medium-sized companies scored 105 and 102.3 points. Small businesses scored no higher than 94.6.
An investment prospect score higher than 100 points indicates intent to boost investment. A score less than 100 points indicates intent to reduce investment.
When asked about the size of R&D workforce that companies need, only 5.9 percent responded that they had hired more than 100 percent of the workforce they need.
M. H. Lee (email@example.com)