Ministry of Industry Supports 62.2 Billion KRW for R&D Discovery in 79 Autonomous Industry-Academia-Research Collaboration Bodies

[Sejong=Asia Economy Reporter Kwon Haeyoung] The government has selected 79 autonomous industry-academia-research cooperation bodies (mini clusters, MCs) and will provide 62.2 billion KRW to support research and development (R&D) discovery and other activities.

The Ministry of Trade, Industry and Energy held the 'Autonomous Industry-Academia-Research Cooperation Body Launch Ceremony' on the 19th at the InterContinental Seoul COEX in Samseong-dong, Seoul.

MCs are councils where companies in industrial complexes, nearby universities, research institutes, and support organizations exchange for mutual cooperation, joint learning, information sharing, and technology commercialization.

With this event, industry-academia-research cooperation in industrial complexes will newly begin under private sector leadership.

The government will support 62.2 billion KRW this year for R&D project discovery and commercialization by the newly formed MCs, including 14.2 billion KRW for R&D project discovery and commercialization and 47.8 billion KRW for project execution costs. Specifically, 10.3 billion KRW will be provided to 79 MCs for R&D project discovery and commercialization (approximately 118 million KRW per MC), and 3.9 billion KRW will be supported for BizHub operation.

Kim Hyuncheol, Director of Regional Economic Policy at the Ministry of Trade, Industry and Energy, stated, "Overcoming the difficulties of COVID-19 and creating future growth engines require innovation in industrial complexes through industry-led industry-academia-research cooperation. The Ministry will actively support so that innovation in manufacturing within industrial complexes, starting from cooperation among companies, can lead to tangible results."

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