R&D Reserve Fund of 29 Billion Won for SME Support... Creation of 250 Research Jobs

Minister of Science and ICT Choi Ki-young is giving opening remarks on the 1st at the Government Seoul Office in Jongno-gu, Seoul, ahead of a meeting with Deputy Prime Minister and Minister of Education Yoo Eun-hye to discuss cooperation in building a remote education infrastructure. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Hwang Junho] Research institutes under the Ministry of Science and ICT will utilize 29 billion KRW of research and development reserves to support small and medium-sized enterprises (SMEs) and create jobs. The government expects that this direct financial support to more than 3,600 SMEs will lead to the creation of 250 jobs.

On the 6th, Minister Choi Ki-young of the Ministry of Science and ICT made this decision during a meeting with heads of science and technology research institutes at the Korea Institute of Civil Engineering and Building Technology. The meeting was held to respond to the economic crisis caused by the novel coronavirus disease (COVID-19). Strengthening regional and SME support by each research institute and job creation were discussed.

At the meeting, the research institutes agreed to use 29 billion KRW of research and development reserves to support SMEs and create research jobs. Each institute will finalize its implementation plan and approve this matter through a board resolution by changing their business plans. The government expects that this fund will support 3,600 SMEs and create more than 250 new jobs.

Additionally, the research institutes announced that they will support SMEs to continue R&D activities by utilizing the infrastructure, personnel, and resources held by the institutes.

Minister Choi said, "In response to the post-COVID-19 era, it is time for the science and technology community to unite efforts to revitalize the economy," adding, "I hope that institutions will maximize their capabilities to contribute to supporting SME R&D and expanding research jobs."

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