The new measure, which was deliberated and voted on by the Ministry of Science and ICT during a committee meeting on Wednesday, will see the government shift away from allotting funding to each sector, and provide more all-inclusive support. (Image: KIST)
SEOUL, March 14 (Korea Bizwire) — The South Korean government will introduce a new investment platform for scientific R&D from next year, in which technological, training, and policy support will be provided in the form of a comprehensive package.
The new measure, which was deliberated and voted on by the Ministry of Science and ICT during a committee meeting on Wednesday, will see the government shift away from allotting funding to each sector, and provide more all-inclusive support.
The ‘package’ R&D investment platform will be made available in eight of the hottest sectors of technology first, including autonomous driving, precision medicine, fine dust reduction, smart grid and smart city.
Budgets for R&D projects in the select sectors of the Fourth Industrial Revolution will be allotted with flexibility, breaking boundaries between government branches, according to the new plan.
The move comes as authorities hope to help more R&D projects come to fruition through policy reform.
In addition, the science ministry, which oversees government-backed R&D, will adopt a new investment platform known as ‘R&D PIE (Platform for Investment & Evaluation), a web-based software to help manage and evaluate R&D projects across all government branches.
Timely R&D projects with significant potential will be given a ‘fast track’, receiving support in time for the Fourth Industrial Revolution without having to wait for a preliminary feasibility study.
The South Korean government will introduce a new investment platform for scientific R&D from next year, in which technological, training, and policy support will be provided in the form of a comprehensive package. (Image: Kobiz Media)
Researchers will be encouraged to lead more creative and adventurous fundamental research under the new plan, with increased funding of 1.42 trillion won this year expanding to 2.52 trillion won in 2022, while a new venture will be set up to provide support for up and coming researchers and longevity and stability for long-term research projects.
Plans to use research equipment and facilities more effectively are also in the works, as part of a major infrastructure reform. Through ‘research device pooling’ and ‘core-facility’ policy, researchers at university and research institutes will be able to rent devices for a longer period, while specialized technicians will be dispatched to help prevent technical problems.
Ashley Song (ashley@koreabizwire.com)
