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Gov't to Invest KRW 619.1B for Intellectual Property

According to Yonhap News,

(SEOUL=Yonhap News) The Korean government decided it will invest KRW 619.1 billion into the intellectual property (IP) sector this year, up 8.3% from last year's budget.

On May 10, the government held the "22nd Presidential Council on Intellectual Property Meeting" at the Gwacheon Government Building to deliberate and confirm the "2018 National Intellectual Property Implementation Plan."

According to the implementation plan, KRW 457 billion out of the KRW 619.1 billion, or 65.5%, will go towards strengthening the IP of SMEs and securing IP to create new industries.

The government will also create a copyright ecosystem by establishing a KRW 10 billion content valuation fund and operating a content process center.

The plans also include measures to create a culture of respect for IP, such as the addition of an IP elective course for high school students in their curriculum and efforts to foster virtual reality (VR) and alternative reality (AR) experts.

Presidential Council on Intellectual Property Chairman Koo Cha Yeol said, "Strengthening the IP of a nation cannot be done by one department, but we must all work together organically.

The meeting also conducted reviews of last year's implementation plan. The Patent Office, the Ministry of Culture, Sports and Tourism, and other municipalities received excellent evaluations of their IP projects promoted by Daegu Metropolitan City.

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Source Text

** This article was translated from Korean.

Source: Yonhap News (May 10, 2018)

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