(SEJONG = Newsis) The Ministry of Trade, Industry & Energy (MOTIE) decided to allocate a total of KRW 3.25 trillion for industrial technology research and development (R&D) activities in 2014.

MOTIE held the first committee meeting of the year on strategic planning and investment on March 12, and it was hosted by Kim Jae-hong, Vice Minister of MOTIE, and Park Hee-jae, head of the office of strategic planning. The primary purpose of the meeting was to discuss and announce the budget plan.

According to MOTIE, the 2014 industrial technology R&D budget will be increased by 3.3 percent from last year’s KRW 3.1464 trillion to KRW 3.2499 trillion this year. The ministry seeks to use the money to realize the “creative economy” and deliver the government’s electoral pledges.

To this end, the ministry plans to create a budget for the “13 industrial engines project” and provide support for key strategic technology development projects to cultivate world class technologies.

The ministry will allocate KRW 472.8 billion for key strategic technology development projects, KRW 92.1 billion for manufacture-based industrial technology development projects and KRW 74.3 billion for biomedical equipment technology development projects.

Aiming at developing prospective parts and materials and making Korea a green energy powerhouse, the ministry will push ahead with its plan to develop advanced technologies.

MOTIE will invest KRW 292.4 billion in the development of core parts and materials manufacturing technologies, KRW 156.6 billion in the development of global professional technologies and KRW 41.1 billion in the development of future industrial technologies.

The ministry will also allocate a total of KRW 61.4 billion to cultivate the green technologies required to develop energy resources, nuclear energy, electric energy and new and renewable energy.

lst0121@newsis.com

Source Text

Source: Newsis (Mar. 11, 2014)

** This article was translated from the Korean.