R&D Reserve Fund of 30.5 Billion Won Allocated for COVID-19 Response

On the 20th, when in-person classes postponed due to the COVID-19 pandemic resumed, third-year students at a high school in Seoul underwent temperature checks upon arrival. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Junho Hwang] A total of 30.5 billion KRW from the research and development reserves held by government-funded science and technology research institutes will be allocated to respond to the novel coronavirus infection (COVID-19). This fund will be used to support 3,453 small and medium-sized enterprises (SMEs), hire 59 new research personnel, and support infectious disease R&D.

The Ministry of Science and ICT and the National Research Council of Science & Technology approved the business plans and budget changes of the affiliated research institutes containing these details at the regular board meeting on the 20th.

Through this, 30.5 billion KRW out of the 55.4 billion KRW in R&D reserves can be used for COVID-19 response. The reserves refer to expenditure items that use the annual surplus funds for institution-specific research, institutional purpose projects, education and training projects, and institutional development projects.

On the first weekend of the government's emergency disaster relief fund payment for the novel coronavirus disease (COVID-19) on the 17th, citizens are shopping at Mangwon Market in Mapo-gu, Seoul. Photo by Moon Honam munonam@

The Research Council will utilize the reserves for SME support, job creation, and infectious disease R&D. The council will spend 28.4 billion KRW on supporting SMEs. Through this, joint research and research matching using infrastructure, regional organizations, personnel, and research achievements held by government-funded research institutes will be conducted, along with support for technology and commercialization development, and fee reductions for direct and indirect R&D activities.

10 billion KRW will be invested in creating research jobs to hire 59 new personnel. It will also support the labor costs of 222 personnel dispatched through joint research with SMEs.

11 billion KRW will be invested in infectious disease R&D to conduct research on optimizing immune diagnostic technology and evaluating the toxicity and efficacy of COVID-19 therapeutic candidate substances.

Kwon Seok-min, Director of Science and Technology Job Innovation, said, "We will consolidate the COVID-19 response capabilities of the science and technology community centered on government-funded research institutes," adding, "We will actively secure resources for research job creation not only from our own funds but also from supplementary budgets and the 2021 budget to contribute to revitalizing the economy."

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