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According to Yonhap News,
(SEOUL=Yonhap News) The Ministry of Trade, Industry & Energy announced June 23 that it will invest KRW 3 billion (USD 2.7 million) in five tasks for a global convergence advanced technology center (ATC) project to facilitate joint research and development (R&D) between local small- and medium-sized companies (SMEs) and the research centers of foreign-invested companies and foreign universities.
Eighteen consortiums have applied for the project.
The global convergence ATC project is to provide R&D support of KRW 700 million per year for a maximum of five years to the R&D consortiums, which are formed between local SMEs and foreign-invested companies and foreign universities.
The 2014 global convergence ATC project invested a total of KRW 2.3 billion in four tasks, including joint R&D between Korea’s YEST Co., Ltd. and the United States’ State University of New York.
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Source: Yonhap News (Jun. 23, 2015)
** This article was translated from the Korean.