'K-Global Innovation Investment Alliance' Launched: "Supporting Expansion of R&D Investment by Global Companies"
The government is set to actively support the expansion of research and development (R&D) investments by global companies through the 'Korea-Global Innovation Investment Alliance.'
The Ministry of Trade, Industry and Energy announced on the 19th the launch of the 'Korea-Global Innovation Investment Alliance' aimed at transforming Korea into an R&D regional hub, in collaboration with global foreign-invested companies participating in the newly established R&D program exclusively for foreign-invested enterprises this year.
The Korea-Global Innovation Investment Alliance is a tripartite consultative body composed of the Ministry of Trade, Industry and Energy, global foreign-invested companies, and public institutions. It plans to support the successful execution of R&D projects and the expansion of R&D investments by global companies. A ministry official explained, "This program was newly established to respond to the restructuring of global supply chains and to strengthen cooperation with global foreign-invested companies. It differentiates itself from existing foreign investment support systems by actively involving foreign-invested companies in the domestic technology cooperation ecosystem and providing a foundation for Korea to be utilized as their R&D regional base." The ministry expects this program to serve as a catalyst for creative research activities by advanced foreign-invested companies and to strengthen cooperative relationships with domestic industry-academia-research sectors.
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The Innovation Investment Alliance also includes the Korea Institute for Advancement of Technology, a specialized institution for R&D projects, and the Korea Trade-Investment Promotion Agency, which is responsible for attracting foreign investment. They plan to provide close support to ensure smooth project execution by participating companies and to facilitate the expansion of R&D investments.
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