Invest KOREA

SEJONG, Oct. 27 (Yonhap) -- South Korea will invest 7 trillion won (US$6.2 billion) in research and development for the service sector over the next five years, Finance Minister Hong Nam-ki said Tuesday.

The funding is partly aimed at promoting contactless services in the wake of the coronavirus pandemic, Hong said.

Next year, the government will raise its R&D spending for four service sectors -- tourism, public health, content and logistics, Hong said.

The government will also expand financial and tax benefits for service firms to make inroads into foreign markets, Hong said.

As part of the efforts, the government will increase loans for new technology firms to 450 billion won next year from 380 billion won this year.

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Source: Yonhap News (Oct 27, 2020)