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S. Korea to inject 40 bln won to improve industrial design capability by 2020

All Headlines 15:06 August 29, 2016

SEJONG, Aug. 29 (Yonhap) -- South Korea will invest 40 billion won (US$35.5 million) by 2020 to improve the country's industrial design capability and develop higher value-added products, the trade ministry here said Monday.

In a design promotion plan unveiled at the 2016 Design Innovation Forum held in Seoul, the Ministry of Trade, Industry and Energy said it will make full efforts to help the related business sector enhance its competitiveness and find a new growth engine in high-quality design.

The scheme is aimed at fostering local manufacturing and design firms to become a Korea-born Dyson, which is well-known for its unique-designed vacuum cleaners and bladeless fans, according to the ministry.

It will pick 100 potential firms and give a full package of research and development on design, sales channel and marketing in order to encourage them to focus more on design-led product development and sales.

An additional 30 billion won will be also set aside to introduce a short-term R&D voucher, that directly subsidizes local companies to make instant investment into design R&D projects within 6 months, the ministry said.

The ministry said it will expand the number of shops and stores that display well-designed goods produced by such selected companies to 16 in 2020 from the current three, in a way to give them more opportunities to appeal to shoppers looking for innovative designs.

The government plan also includes projects to renovate designs of old public facilities, like express bus terminals and outdoor markets, and items such as military gloves and masks.


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