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Local Firms to Invest More in Research This Year

South Korean companies' investment in research and development (R&D) is expected to edge up this year amid the prolonged economic slowdown, a poll showed Sunday.

Combined investment in R&D is expected to reach KRW 10.2 trillion (USD 9.4 billion) in 2013, up 7.3 percent from last year, according to a survey of 334 firms conducted by the Ministry of Knowledge Economy. The figure translates to KRW 30.8 billion for each company.

The average amount of R&D investment by large companies is forecast to hit KRW 98.28 billion, up 7.6 percent from last year.

The average amount of R&D investment by small and medium-sized enterprises is anticipated to reach KRW 10.42 billion and KRW 6.13 billion, respectively, up 2.8 percent and 9.6 percent from the previous year.

52.7 percent of the respondents intended to increase their R&D investment this year, while 35 percent said that they will invest the same amount of money they did last year.

The manufacturing industry is forecast to invest in R&D more than the non-manufacturing sector. The average amount of R&D investment by manufacturers is expected to post KRW 33.79 billion this year, while non-manufacturers are expected to spend KRW 20.42 billion.

Source Text

Source: Yonhap News (Mar. 9, 2013)

** This article was translated from the Korean.

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