Ministry of Industry Allocates 5 Trillion Won for R&D in Materials, Parts, and Equipment... "30 Years to Carbon Neutrality, Innovation Possible"

Announcement of the 2021 'Integrated Implementation Plan for the Industrial Technology Innovation Project'
1.5 Trillion Won Invested in R&D for Restructuring the Materials, Parts, and Equipment GVC, etc.

Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy announcing the Ministry's policies on the '2050 Carbon Neutrality Promotion Strategy' together with ministers from related departments at the government complex on the 7th. (Photo by Yonhap News)

[Asia Economy Reporter Moon Chaeseok] "Secondary batteries, first commercialized in 1991, have become game changers driving industrial innovation in new and renewable energy and future vehicles through energy storage systems (ESS) and electric vehicle batteries. Over the next 30 years until achieving carbon neutrality by 2050, we can expect technological innovations beyond our current imagination."

Seong Yun-mo, Minister of Trade, Industry and Energy, emphasized this on the 29th. He stated that efforts will be intensified in research and development (R&D) in areas such as materials, parts, and equipment, digital New Deal, and green New Deal to prepare for responding to the global value chain (GVC).

The Ministry of Trade, Industry and Energy announced that it will publicize the "2021 Industrial Technology Innovation Project Integrated Implementation Plan" worth 4.9518 trillion KRW on the 30th. The scale of R&D support from the ministry next year will be the largest ever, sharply increasing from about 3.2068 trillion KRW last year and 4.1718 trillion KRW this year.

An official from the ministry explained, "Despite the global spread of COVID-19 causing an economic crisis, this shows the government's determination to expand R&D support for industries leading future growth."

First, 1.5551 trillion KRW will be invested in full-cycle R&D from technology independence to commercialization of core items in materials, parts, and equipment, an increase of 21.8% (278.6 billion KRW) compared to this year. Especially, 966.5 billion KRW will be invested in future new industries such as system semiconductors, future vehicles, and bio industries, a 43.4% (319.2 billion KRW) increase from this year.

Digital New Deal will receive 231.8 billion KRW (an 18.2% increase from this year), and green New Deal and carbon neutrality will receive 859.2 billion KRW (a 15.5% increase). Additionally, 154.3 billion KRW will be allocated for workforce development projects and 286 billion KRW for regional economic revitalization.

The ministry plans to apply an R&D sandbox track to excellent research institutions. Starting next month, this track will be applied to 30 companies, exempting them from R&D regulations such as goal changes and project fund rollovers.

Project guidance materials will be provided on the websites of dedicated agencies such as the Korea Institute for Advancement of Technology (KIAT). A briefing session will be held on the 19th of next month in cooperation with the Ministry of Science and ICT.

Minister Seong said, "Going forward, the Ministry of Trade, Industry and Energy will do its best to promote technological development for future industrial innovation."

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