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MOTIE Sets Strategic R&D Investment Direction for Growth and Jobs

- MOTIE Holds First Committee Meeting on Strategic Planning and Investment in 2013

The Ministry of Trade, Industry and Energy (MOTIE) held the first committee meeting of the year on strategic planning and investment Tuesday, hosted by Vice Minister for Industry and Technology Kim Jae-hong and Park Hee-jae, head of the office of strategic planning.

The committee is in charge of deliberating and revising major R&D policies including MOTIE’s R&D investment direction and business structure based on Article 1 Clause 2 of the Enforcement Regulations of the Industrial Technology Innovation Promotion Act. It has about 30 members, including the Vice Minister of MOTIE, head of the office of strategic planning, Director General for Industrial Policy, directors of relevant offices, MDs and private industry and academic experts.

The meeting was the first since Park’s appointment as head of the office of strategic planning in April and the establishment of the second office of strategic planning. MOTIE’s 2014 R&D budget, development plans for key industrial technology and 2013 plan for the office were discussed.

Aligned with the Park administration’s vision for a creative economy and a national R&D plan to create jobs, MOTIE established the 2014 R&D budget, which focuses investment in building future growth potential, fostering creative industries and supporting R&D for small- and medium-sized enterprises to create jobs and enhance R&D innovation.

Aiming at developing a new engine and core technologies that can help dominate the global market in 7 to 10 years, MOTIE announced that it will identify projects with a working-level team of industry and academic experts by 27 industries and work on project planning.

The 2013 vision for the office of strategic planning is improving industrial and technological R&D fundamentals and fostering global companies with capability enhancement. To achieve these goals, the office has suggested four strategies, which include the optimization of the industrial and technological R&D budget, strengthening R&D planning under the leadership of the office, identifying key industrial technology projects and building a market-oriented virtuous cycle of industry and academia.

Vice Minister Kim emphasized that industrial and technological policies are the key to empowering companies to find new growth engines and create jobs, and that the direction of R&D investment determines success or failure. Park, the head of the office of strategic planning, said the office will formulate strategies to foster global companies with technological competitiveness and design practical R&D support programs so that Korean small- and medium-sized companies can become key players in the Korean economy.

Source: Ministry of Trade, Industry and Energy (June 19, 2013)

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