S. Korea announces measures to increase R&D support for SMEs

The South Korean government is discussing
plans to help support the local economy,… including proposals to help small firms develop
their own parts and components. Kim Hyesung reports. At an economy-related ministers’ meeting on
Wednesday, the Ministry of SMEs and Startups announced measures to help South Korea’s small
firms develop their own parts and materials in a bid to overcome rising global trade protectionism
and trade tensions. “Japan’s export curbs showed how an accumulation
of technological capabilities can determine a nation’s competitiveness. Our goal is to help local small and mid-sized
firms achieve technological independence in materials, parts, components that are the
foundation of future new industries’ growth.” A consortium set up by the government will
play a matching role so small firms can develop the specific parts and goods that big conglomerates
need. To ensure continuity, instead of a funding
support of an average of around 80-thousand U.S. dollars a year, the Ministry of SMEs
and Startups will provide up to 20 times that figure, one-point-six million dollars over
a three-year period. One-hundred local small firms will be selected
by the end of this year to develop tech related materials and parts. A total of 160 million dollars a year will
be allocated for fourth industrial revolution related industries like AI and biotech. Lastly, the government will strengthen industry-university-research
institute cooperation by increasing R&D joint cooperation from last year’s 39 percent to
nearly 50 percent. Finance Minister Hong Nam-ki also said the
government will promptly start spending on social overhead capital in the latter half
of this year to help boost the local economy. The government will ease regulations in the
construction sector and push for smart construction technology to enhance productivity and safety. Kim Hyesung, Arirang News.

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One thought on “S. Korea announces measures to increase R&D support for SMEs

  1. Now South Korea feel hard if friendly country with a Deep State running on it will back stab them. beware of the Deep State they are only using you.

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