Partial Amendment to the Korea Institute of Ocean Science and Technology Act Passed by the National Assembly Plenary Session

The Korea Institute of Ocean Science and Technology (KIOST) announced on the 31st that the "Partial Amendment to the Korea Institute of Ocean Science and Technology Act" was passed at the plenary session of the National Assembly on the 27th.

The "Partial Amendment to the Korea Institute of Ocean Science and Technology Act" includes legal grounds to extend the free loan period for leasing public property from 20 years to a maximum of 50 years and to allow installment payments over 20 years when purchasing land.

Korea Institute of Ocean Science and Technology Logo.

KIOST is currently included in the category of "subordinate government-funded research institutes designated by Presidential Decree" under the current "Framework Act on Science and Technology" and is recognized as a government-funded research institute based on related laws such as the "Act on the Establishment, Operation, and Fostering of Government-funded Research Institutes in the Field of Science and Technology."

However, since it was not specified in its founding law, the "Korea Institute of Ocean Science and Technology Act," the free loan period for public property had been limited to a maximum of 20 years under the "Act on the Management of Public Property and Goods."

KIOST stated that with this legal amendment, it will create a stable and smooth research environment, lead the development of marine science and technology, and fulfill its role as a platform that drives economic and social value creation.

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