(SEOUL = Newsis) President Park Geun-hye pledged to increase the nation’s research and development (R&D) investment to five percent of the gross domestic product by 2017 to strengthen science and technology capacity and establish a solid foundation for a creative economy.

Park announced a three-year economic innovation plan on February 25 in a nationally televised address from the presidential office of Cheong Wa Dae and said that Korea needs to invest for the future to achieve economic innovation.

“The government will establish the Korea Research Fellowship to attract leading scientists from around the world, provide support for young and talented foreign researchers in Korea and strengthen the research capabilities of universities,” said Park. “The government also plans to apply further tax exemptions and reductions for technology transfer revenues to revitalize intellectual property transactions.”

The president also pledged to invest in network infrastructure, such as the development of “giga internet,” which is 100 times faster than the current network system, and 5th generation (5G) mobile communication, in a timely manner to achieve remarkable results in internet-based industrial convergence.

“We need to prepare for important environmental issues facing the world such as climate change, environmental pollution and energy crises, for we may find new business opportunities and create more jobs in such areas,” said Park.

“To this end, the government will increase investment in R&D projects that aim to develop green energy, eco-friendly cars and carbon capture and storage (CCS) in an effort to support private innovation activities,” the president added. “The government will also commence pilot projects to transform unwanted public facilities like incineration plants and landfill sites into ‘eco-friendly green towns’ and gradually expand the scope of projects.”

ephites@newsis.com

Source Text

Source: Newsis (Feb. 25, 2014)

** This article was translated from the Korean.