President-elect has substantial plans for small & medium sized companies

In January, the Presidential Transition Committee announced a governmental restructuring plan. The plan includes the establishment of the Ministry of Future, Creation, and Science. The new ministry is expected to cover national research and development as well as information and communication technology (ICT), establishing itself as one of the key organizations of the Park Geun-hye administration. The ministry is expected to employ roughly one thousand employees.

During her campaign, Park emphasized that she would promote the nation’s science and technology sector as a main growth engine for Corporate Korea. The new ministry is expected to contribute to the realization of Park’s hope to energize the Korean economy through the promotion of science and technology.

Political observers say that Park and her administration will seek ways to address various problems facing the Korean economy by focusing on areas where Korea has an established competitive edge such as information and communications technology. President-elect Park has pledged to renew the focus on ICT by appointing a vice minister to be in charge of information and communications technology. Korea Communication Commission, Ministry of Public Administration and Security, and Ministry of Knowledge Economy were responsible for ICT matters under President Lee Myung-bak.

In terms of government spending, the new ministry is expected to allocate an annual budget of more than 20 trillion won for Korea’s research, development, and ICT projects.

For full article, see Korea IT Times.