Construction Research Institute Steps Up R&D Support for Construction Companies Facing Crisis Due to COVID-19

Overview of the Korea Institute of Civil Engineering and Building Technology's 'COVID-19 Response Support Program for Small and Medium-sized Construction Enterprises'. (Provided by Korea Institute of Civil Engineering and Building Technology)

[Asia Economy Reporter Lee Chun-hee] The Korea Institute of Civil Engineering and Building Technology (KICT) is launching a support project for construction companies hit by the spread of the novel coronavirus infection (COVID-19). The total scale is 6.2 billion KRW.

KICT announced on the 1st that it will promote the "COVID-19 Response Construction (KICT) Small and Medium-sized Enterprise (SME) Support Program" to help mid-sized and small construction companies overcome the crisis caused by COVID-19. This comprehensive package project actively utilizes KICT's budget, research personnel, and infrastructure to support ▲technology enhancement ▲retention of research personnel employment ▲marketing support ▲management consulting, etc.

As a government-funded research institute, KICT identified the core of this project as focused support to strengthen the mid- to long-term research and development (R&D) capabilities of mid-sized and small construction companies in preparation for the post-COVID era. Rather than temporary cost support, the plan is to provide self-sustaining momentum to overcome not only the current COVID-19 crisis but also future economic crises through corporate R&D growth and stabilization of research personnel employment.

This support project consists of a total of three types and seven detailed sub-programs: ▲demand-based SME and mid-sized company technical difficulty support project ▲customized direct support project for SME and mid-sized company growth ▲consulting support project for uninterrupted corporate activities for SMEs and mid-sized companies. Through strengthening the research capabilities of about 120 companies and customized support projects, it supports uninterrupted corporate activities while assisting in maintaining about 90 corporate research personnel and securing new research personnel.

Detailed information can be found on the "KICT COVID-19 Support Project Website." Companies wishing to apply can submit their applications online through the website by the 12th of this month.

Han Seung-heon, President of KICT, said, "The construction industry is a national foundational industry, and securing innovation capabilities that are resilient even in crises is of utmost importance," adding, "We will fulfill our role and responsibility as a government-funded research institute by promoting support projects to secure the technological competitiveness of our companies."

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