Exemption of Corporate Contributions for Participation in the 'Basic Research Project' Continues This Year

For the Second Year Following Last Year, Addressing Difficulties from the Prolonged Pandemic

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[Asia Economy Reporter Kim Bong-su] The government has decided to exempt the cash contributions of companies participating in basic research projects for two consecutive years to alleviate the burdens on companies struggling due to the prolonged COVID-19 pandemic.

The Ministry of Science and ICT announced on the 8th that it will exempt the cash contributions of small and medium-sized enterprises (SMEs) and mid-sized companies participating in the Leading Research Center project, a basic research project, this year as well, following last year, in response to the prolonged COVID-19 situation.

The Leading Research Center project, which started in 1990, is a representative basic research support program that provides annual funding of 1.4 to 2 billion KRW for seven years to excellent research groups of about 10 members in each academic field. As of this year, a total of 205 companies, including large enterprises, mid-sized companies, and SMEs, are participating to prioritize the utilization of research outcomes derived through the centers.

The Ministry of Science and ICT also announced the 'COVID-19 Crisis Response Corporate Research and Development (R&D) Emergency Support Plan' last year, temporarily exempting the cash contributions of companies participating in basic research projects (Leading Research Centers). Among 195 SMEs and mid-sized companies, 62 applied, and 31.7% of the companies received a total exemption of 1.152 billion KRW in cash contributions.

The Ministry of Science and ICT plans to notify related companies and principal investigators of the exemption guidelines on the 9th and exempt the cash contributions for companies that apply by the end of this year.

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