Vice Minister of Economy and Finance: "Designation of National Essential Strategic Technology Corporate Research Institutes... Strengthening Support"

Policy Review Meeting

Lee Eok-won, First Vice Minister of Strategy and Finance, is speaking at the 2nd Policy Review Meeting held at the Government Seoul Office on the morning of the 11th. 2022.2.11 [Photo by Yonhap News]

[Asia Economy Sejong=Reporter Son Seon-hee] The government will designate and support corporate research institutes that focus on 10 essential national strategic technologies such as semiconductors, displays, advanced bio, and hydrogen. This aims to promote qualitative growth following the quantitative growth of corporate research and development (R&D) investment.

Lee Eok-won, First Vice Minister of Strategy and Finance, held a policy review meeting at the Government Seoul Office on the morning of the 11th and stated, "Science and technology are the core sources of growth for our country's key industries and national competitiveness." He added, "The key source to increase productivity and achieve qualitative leaps beyond quantitative growth is the creativity of the private sector centered on companies," emphasizing, "The government will continue to provide policy support such as budget and tax incentives so that companies can fully demonstrate technological development and creativity through R&D."

At the meeting, the government discussed the 'Measures to Strengthen Corporate R&D Capabilities.' Since 1981, the government has introduced the corporate-affiliated research institute system, providing incentives such as R&D tax support and military service exemptions. As a result, corporate R&D investment has increased at an average annual rate of about 20%, accounting for approximately 80% of the national R&D total (as of 2020).

Vice Minister Lee said, "We will systematically enhance the research capabilities of corporate research institutes, which are the main pillars of national R&D, nurture excellent research institutes, and strengthen policy support to establish a growth foundation for corporate R&D."

Meanwhile, the government also reviewed the status of vocational training for young people outside the meeting. To support young people's entry into society, the government expanded the eligibility for the National Tomorrow Learning Card from prospective graduates to university juniors and lowered the self-payment rate for training costs by 15 percentage points for graduates from 2021 to 2022. In particular, new training courses related to digital talent development are being provided.

Additionally, policy support to reduce care gaps for different groups such as single parents, the elderly, the disabled, and children will be strengthened. Vice Minister Lee stated, "This year, we will add social service centers in three cities/provinces (Busan, Chungbuk, Gyeongbuk) and establish an emergency care support team within the social service centers to respond to care gaps caused by COVID-19," adding, "We will promote the enactment of the 'Community Integrated Care Act' to ensure the stable implementation of the community integrated care pilot project."

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