Fostering Commercially Viable SoBuJang Technology Development Products... Strengthening Commercialization Support

New Launch of 'Reliability Insurance'... Compensation for Defect Losses
50% Reduction in Equipment Fees for Public Research Institutes Including KRICT

Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy (left) attending the Materials, Parts, and Equipment Industry Issue Inspection Meeting held at the National Assembly on June 24 and delivering opening remarks. Photo by Dongju Yoon doso7@

[Asia Economy Reporter Moon Chaeseok] The government announced that it will strengthen support to increase the commercialization rate of technology development products in materials, parts, and equipment. It judged that the number of successful commercialization cases must increase for ideas to lead to profits.

The Ministry of Trade, Industry and Energy announced on the 27th at 2 p.m. that it will officially promote support for the commercialization of materials, parts, and equipment technology development products by holding the 'Materials, Parts, and Equipment Commercialization Cooperation Platform Launch Ceremony' chaired by Kang Kyung-sung, Director of Industrial Policy.

At this launch ceremony, two inter-agency business agreements will be signed for the 'launch of reliability insurance' and 'activation of corporate support.'

The Capital Goods Mutual Aid Association and Samsung Fire & Marine Insurance decided to launch and operate a reliability insurance product. The business agreement will be signed with Choi Hyung-gi, Executive Director of the Association, and Shin Dong-gu, Head of Samsung Fire & Marine Insurance, in attendance.

The reliability insurance, which will be operated from the 1st of next month, is a product that compensates for economic losses caused by unexpected defects in materials, parts, and equipment products purchased by demand companies after technology development and performance verification.

Source: Ministry of Trade, Industry and Energy

The Capital Goods Mutual Aid Association will support 50% of the insurance premiums for product liability (PG) and recall liability (PR) up to 10 million KRW per materials, parts, and equipment company during the pilot period from next month until August next year, provided they have received reliability certification and mass production performance evaluation.

Fifteen public research institutes, including the Korea Research Institute of Chemical Technology, have decided to support the activation of materials, parts, and equipment companies through their testing and evaluation equipment.

The main contents of this corporate support activation business agreement include fee reductions for equipment use and strengthening service linkage between institutions.

Small and medium-sized enterprises and mid-sized companies selected for technology development projects and specialized leading companies promoted by the government will receive a 50% discount on usage fees when utilizing equipment owned by the 15 public research institutes.

Meanwhile, the Ministry of Trade, Industry and Energy announced that it will officially implement the second phase of the materials, parts, and equipment company commercialization support project from next month.

This is a measure to continue the testbed construction, reliability utilization support (formerly reliability voucher), and mass production performance evaluation support promoted in the first phase through last year's supplementary budget.

Source: Ministry of Trade, Industry and Energy

In addition, the Ministry plans to maximize the effect of commercialization support for materials, parts, and equipment companies by strengthening inter-ministerial collaboration.

This year as well, in collaboration with the Korean Intellectual Property Office and the Ministry of SMEs and Startups, it will promote linked support with patent vouchers and overseas expansion vouchers for core strategic items that have undergone reliability verification.

For companies selected for the Ministry of SMEs and Startups' Tech Bridge project, linkage and support with the Ministry of Trade, Industry and Energy's materials, parts, and equipment company commercialization support project will be provided.

The Tech Bridge project supports small and medium enterprises that have acquired technology from universities and research institutes to commercialize the technology by providing up to 800 million KRW over two years.

Kang Kyung-sung, Director of Industrial Policy at the Ministry of Trade, Industry and Energy, said, "We will continue to promote support projects so that products developed by materials, parts, and equipment companies through testbed construction, activation of reliability certification and performance evaluation, and introduction of reliability insurance can lead to commercialization."

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