Transition Team: "Industrial Technology R&D System to be Private Sector-Centered"

Strengthening Systems with Private Sector Participation from R&D Planning
Guaranteeing Preferential Treatment for Outstanding Researchers through Enhanced Incentives

President-elect Yoon Suk-yeol is delivering opening remarks at the on-site meeting for COVID-19 vaccine development held at SK Bioscience in Bundang-gu, Seongnam-si, Gyeonggi-do on the morning of the 25th. Photo by Transition Committee Press Corps

[Asia Economy Reporter Geum Bo-ryeong] The Yoon Suk-yeol administration is establishing a market-oriented industrial technology research and development (R&D) system to strengthen the innovation capabilities of companies and the private sector.

The 20th Presidential Transition Committee's Economic Subcommittee 2 announced on the 26th, "We plan to prepare and implement measures to innovate industrial technology R&D, covering all stages from R&D planning, execution, to feedback, centered on the private sector and the market."

One of the key policy tasks under review by the transition committee is to reinforce a system where the private sector participates from the R&D planning stage. They plan to enable top private experts to participate in the evaluation of high-difficulty R&D projects and are considering preferential systems. There is also a plan for private venture capital (VC) to directly participate in R&D selection evaluations to assess marketability.

To ensure that industrial technology R&D contributes to the government's role, the committee is promoting the introduction of "goal-oriented large-scale R&D projects" that address digital transformation, carbon neutrality, and supply chain stabilization. Alongside this, they are reviewing adjustments to the scale of projects subject to preliminary feasibility studies to implement R&D projects at appropriate times.

The committee will also analyze related regulations and market entry issues in advance to reflect them in projects, ensuring organic linkage from R&D completion to commercialization. They plan to prepare measures to accelerate commercialization by proactively resolving issues before the end of R&D.

Incentives will be strengthened to guarantee definite preferential treatment for outstanding researchers. A "follow-up support project for excellent outcomes" will be newly established to enable better results in subsequent research. To reduce researchers' burdens, the environment will be improved by automating complex administrative procedures and simplifying the submission of supporting documents.

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