The South Korean government determined to allocate a higher share of its total budget for research and development (R&D) to small-sized and mid-sized companies over the next five years. The share will go up 4.4 percentage points to 18.0 percent by 2017.
The government also decided to increase R&D investment in sectors that deal with the aging, disabilities, diseases, tourism, education and social services as their performance is highly linked to the public’s quality of life.
Such decision was reached at a meeting of national science and technology evaluation committee convened by the Ministry of Science, ICT and Future Planning Wednesday.
In a bid to promote a science and technology-based creative economy and bring happiness to people, the ministry proposed four major goals of supporting R&D so that it can 1) bolster a creative economy; 2) bring happiness to people; 3) enhance key capacities for innovative and creative science and technology, and 4) improve the government’s R&D investment system.
For full article, see Maeil Business.