Government Invests 40 Billion KRW in Root Companies' R&D... Also Supports Overseas Expansion
Root Companies R&D Support Budget 40 Billion Won... 47% Increase Compared to Previous Year
[Asia Economy Sejong=Reporter Lee Junhyung] The government will support 40 billion KRW for root industry research and development (R&D) this year.
The Ministry of Trade, Industry and Energy announced on the 27th that the budget for the root industry exclusive R&D project this year is 40 billion KRW, an increase of 13.3 billion KRW (47%) compared to last year (27.2 billion KRW). Considering that the ministry's overall R&D project budget increased by 11.9% during the same period, the increase is quite significant.
On the same day, the ministry announced 20 new projects eligible for support under the "Global Leading Industry Quality Response Root Technology Development Project," a new project worth 13.3 billion KRW. This project is the only domestic R&D project exclusively for root industries. Only root technology specialized companies and companies that have received a "Root Industry Certification" can be the lead institution. Selected projects will receive approximately 800 million KRW annually for three years.
The keywords for the new projects are intelligence, eco-friendliness, and convergence. These reflect changes in front industries such as automobiles, machinery and heavy equipment, and electronics. Additionally, the new projects are promoted on the premise of collaboration with overseas demand companies so that root industry companies can also enter overseas supply chains. To this end, the ministry has made it mandatory to submit a letter of purchase intention or a technical development request from overseas demand companies when applying for projects.
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The institutions performing the new projects will be selected in April this year after evaluation. Details on the requirements and methods for new project support can be found on the "Industrial Technology R&D Portal."
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