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Image Source: Pixabay

Image Source: Pixabay

South Korea Boosts R&D Investment For Industry 4.0 Technologies

South Korea: South Korea is set to ramp up its investment in research and development (R&D) for technologies that can facilitate acceleration of the fourth industrial revolution—like self-driven car and Internet of Things (IoT) platforms.

The Ministry of Trade, Industry and Energy had announced an increased in R&D spending on five burgeoning industries—autonomous car, biohealth, IoT-fitted electronics, renewable energy, and semiconductor and display—to 50 percent of the nation’s total R&D budget by 2022 from the current 30 percent.

This year, the government has allocated approximately 900 billion won (about US$844 million) to the above five sectors out of its total 3.16 trillion won R&D budget.

Correspondingly, the ministry is seeking to cultivate development of original technologies, related core technologies, and the growth of new industries using these new technologies via efficient commercialisation.

Private firms will also be supported in adopting technologies developed by external talents. Along with this revision, companies are required to foot only 30 percent of the total cost in cash while acquiring technologies from external sources—with the rest in non-cash asset. Currently, businesses have to pay about 50 percent of such costs in cash.

A new review system will also be implemented by the ministry—run by a group of industry professionals—to assess the feasibility of innovative technologies and development proposals.

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