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Future Ministry Seeks to Realize Creative Economy

April 08, 2013 14:29|April 08, 2013 14:29
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The government has selected four slogans "strengthening the foundation of a creative economy," "pursuing happiness of everyone," "building up science & technology capabilities," and "advancing the government's R&D investment system" as part of the 2014 R&D investment strategy. The Ministry of Science, ICT, and Future Planning said on April 7 that it would hold a public hearing on the 9th in order to confirm its plan for R&D investment for the next year.

The ministry said it would focus its investment in R&D projects, especially those initiated by small- and medium-sized enterprises, with potential for higher job creation effects. In addition, it would encourage projects attempting the "fusion" of existing technologies with new ones in unrelated areas.

To improve the effectiveness of public R&D investment, the ministry will reform the structure of its support organizations while reviewing all existing R&D projects whose budget is in excess of 50 billion won for their feasibility. The newly created ministry will finalize its 2014 government R&D budget plan guidelines by the end of this month and start disbursing the budget by July. The government's R&D budget for 2014 is estimated at 17 trillion won.