Launch of Industry-Specific Private R&D Consortium... Reflected in National Projects

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bong-su] As South Korea's total national research and development (R&D) investment exceeded 100 trillion won this year, a mechanism has been established to enable private companies to actively participate in government R&D.

On the 30th, the Ministry of Science and ICT held the launch ceremony of the 'Industry-specific Private R&D Council' at EL Tower in Yangjae-dong, Seocho-gu, Seoul, attended by Kim Seong-su, Director of the Science and Technology Innovation Headquarters, Koo Ja-kyun, Chairman of the Korea Industrial Technology Promotion Association, and CTOs and research directors from over 30 companies.

This council is composed of two sectoral councils: three subcommittees for carbon neutrality to respond to climate change and strengthen competitiveness in the materials, parts, and equipment industry, and one subcommittee for smart sensors, operating on a pilot basis. The Korea Industrial Technology Promotion Association participates as the secretariat institution to support overall operations.

It is operated mainly through sector-specific expert committees and working committees composed of technology executives and officers from leading large, medium, and small enterprises within the industry. Related associations or organizations also participate to survey industry demands and collect opinions.

By September, the council plans to prepare and submit sector-specific investment direction opinion papers to the government, outlining investment directions and technology acquisition plans. In the case of the Carbon Neutrality R&D Council, it will closely coordinate with the 'Public-Private Joint Carbon Neutral Technology Planning Committee,' established to develop a carbon neutrality technology roadmap, actively conveying industry opinions to the government.

The Science and Technology Innovation Headquarters of the Ministry of Science and ICT will reflect the investment opinions presented by these councils annually in the government's R&D investment directions to enhance the synergy effect of public-private research and development. From next year onward, expansion to other sectors will be considered.

Kim Seong-su, Director of the Science and Technology Innovation Headquarters at the Ministry of Science and ICT, stated, “It is significant that a permanent council has been formed where the private sector proactively collects and proposes industry opinions, moving away from the previous government-led approach where the private sector participated passively.” He emphasized, “In a situation experiencing global crises such as climate change and disruptive innovations across various industries, the role of private companies, which account for 80% of national R&D investment, is crucial.”

He continued, “Going forward, the government will actively support research and development investments to faithfully serve as patient capital that willingly bears the risks and uncertainties accompanying private innovation,” adding, “We share the recognition that technological innovation through close public-private R&D cooperation with companies is essential, and we have announced a ‘Joint Agreement for Public-Private R&D Cooperation.’”

Patient capital refers to “a long-term government R&D investment for the development of innovative technologies, emphasized by economist Mariana Mazzucato,” and a recent success example is the space exploration company ‘SpaceX,’ which, supported by NASA, succeeded in developing the world’s first private manned spacecraft.

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