S Korea to expand investment in original tech R&D

16:10, February 01, 2010      

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South Korea is expected to invest 1.6 trillion won (1.37 billion U.S. dollars) in research and development (R&D) to beef up its original technology and clean energy sector in 2010, the government said Monday.

According to the Ministry of Knowledge Economy, it seeks to pour the planned fund into the original technology sector, including automobile, information technology (IT), robot, and material industries.

Automobiles will get 98.14 billion won (83.9 million U.S. dollars) in support, with industrial materials and robotics to get 84.43 billion won (72.2 million U.S. dollars) and 56.97 billion won (48.7 million U.S. dollars), respectively.

Of the total investment, the government will take the responsibility of 1.22 trillion won (1.04 billion U.S. dollars), while the remaining portion will be funded by the private sector.

The amount is a gain of 10.2 percent from 1.43 trillion won (1. 22 billion U.S. dollars) allocated to original technology development in 2009, the ministry said.

The plan is part of the ministry's move to promote industry sectors that are closely related to main economic policies, such as excavating new-generation growth engines and further pushing for green growth.

Source: Xinhua
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