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2020.09.14
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S. Korea to allow flexibility in state R&D projects amid pandemic


According to Yonhap News,


By Kang Yoon-seung
SEOUL, Sept. 8 (Yonhap) -- South Korea said Tuesday it will provide more leeway to companies participating in state-sponsored research and development (R&D) projects, as the new coronavirus pandemic has led to more uncertainties in global industries.

Under the plan, the country will lift regulations in industrial R&D programs and allow companies to revise their research goals during their project as well, according to the Ministry of Trade, Industry and Energy.

State-sponsored R&D projects were previously virtually banned from adjusting their goals or changing spending plans of their budget due to strings of regulations.

With the COVID-19 pandemic causing economic jitters for businesses, the country said it will also ease the financial burden of private companies in state R&D projects, and induce more small and medium-sized firms to join hands with conglomerates.

The industry ministry allocated 4.2 trillion won (US$3.53) in its R&D budget for 2020, rising sharply from 3.4 trillion won from 2019.

South Korea plans to disburse 4.9 trillion won in the area next year.

The ministry said international R&D projects, which currently account for less than 3 percent of the on-going programs, will account for up to 15 percent by 2023 by easing related regulations as well.


Source Text


Copyrights Yonhap News. All Rights Reserved.
Reprint or redistribution without permission is prohibited.



colin@yna.co.kr
fusionjc@yna.co.kr

Source: Yonhap News (Sep 13, 2020)

* This article was translated from Korean. 
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