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S. Korea to allow flexibility in state R&D projects amid pandemic

All News 11:00 September 08, 2020

By Kang Yoon-seung

SEOUL, Sept. 8 (Yonhap) -- South Korea said Tuesday it will provide more leeway to companies participating in state-sponsored research and development (R&D) projects, as the new coronavirus pandemic has led to more uncertainties in global industries.

Under the plan, the country will lift regulations in industrial R&D programs and allow companies to revise their research goals during their project as well, according to the Ministry of Trade, Industry and Energy.

State-sponsored R&D projects were previously virtually banned from adjusting their goals or changing spending plans of their budget due to strings of regulations.

S. Korea to allow flexibility in state R&D projects amid pandemic - 1

With the COVID-19 pandemic causing economic jitters for businesses, the country said it will also ease the financial burden of private companies in state R&D projects, and induce more small and medium-sized firms to join hands with conglomerates.

The industry ministry allocated 4.2 trillion won (US$3.53) in its R&D budget for 2020, rising sharply from 3.4 trillion won from 2019.

South Korea plans to disburse 4.9 trillion won in the area next year.

The ministry said international R&D projects, which currently account for less than 3 percent of the on-going programs, will account for up to 15 percent by 2023 by easing related regulations as well.

colin@yna.co.kr
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