Samsung Group will invest in a search for alternatives to rare earth materials, which are essential in the manufacturing of smartphones and televisions.
Yesterday, the group announced 27 areas of research to be pursued under the Samsung Future Technology Cultivation Project. The project, announced in May in line with the Park Geun-hye administration’s creative economy drive, will put 1.5 trillion won ($1.41 billion) over the course of 10 years into research that could help foster new economic engines for Korea. Research in basic science is also being encouraged under the project to help earn Korea its first Nobel prize in physics, chemistry, physiology or medicine.
Samsung selected 15 research areas involving development of new materials and innovation in information and telecommunications, including a project to develop optoelectronics materials that can function in place of rare earth materials, the supply of which is dominated by China. The project will be carried out by Yu Yeong-min, a 35-year-old professor at Kyung Hee University, who submitted the idea to get funding for the project.
For full article, see Joongang Daily.