Ministry of Oceans and Fisheries selects targets for this year's marine industry demand-based technology development project... Total of 1 billion KRW support per company

[Sejong=Asia Economy Reporter Joo Sang-don] The Ministry of Oceans and Fisheries has selected 48 companies as recipients of the 2020 'Marine Industry Demand-Based Technology Development Project' and will sign agreements starting from the 18th.

The Ministry has been supporting up to 1 billion KRW in research and development (R&D) funds per company for a maximum of two years through the 'Marine Industry Demand-Based Technology Development Project' since last year to advance and commercialize excellent technologies held by small and medium-sized enterprises (SMEs). This year's project budget is approximately 12.7 billion KRW, with 30 newly selected companies and 18 companies continuing into their second year receiving support.

This year's project tasks include creative technology commercialization ideas in emerging marine industries such as advanced marine equipment, smart fisheries, smart maritime logistics, and eco-friendly ships, which are recognized as future new growth engines.

Key projects include ▲Development of a smart head drone system capable of cleaning excrement and feed residues from the bottom of cage aquaculture farms (performing company: Yeongpung Industry) ▲Development of a portable diving control console (Linkline System) ▲Development of a blockchain-based seafood production traceability management system (SUJ) ▲Development of an eco-friendly 5,000-horsepower liquefied natural gas (LNG) fueled tugboat (KR Engineering) ▲Development of an artificial intelligence-based wave prediction system (Risk Solution), among others.

The Ministry expects this R&D funding support to greatly assist marine and fisheries SMEs struggling to secure liquidity due to the novel coronavirus disease (COVID-19). This year, the private sector's share of the total R&D cost has been reduced from 25% to 20%, and the cash portion of the private contribution has also been lowered from 10% to 5%, easing the financial burden on companies.

Oh Young-rok, Director of the Marine Science and Technology Policy Division at the Ministry of Oceans and Fisheries, said, "We hope that marine and fisheries SMEs and venture companies with excellent technology and capabilities but facing difficulties in commercialization due to financial issues will gain growth momentum through this support." He added, "We will continue to prepare various support measures for marine and fisheries SMEs and venture companies to actively foster new marine industries and create related jobs."

This content was produced with the assistance of AI translation services.