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Samsung Group to Invest 1.5 Tril. Won in Future Tech Foundation

May 14, 2013 13:12 l May 14, 2013 13:36

Samsung Group will invest a total of 1.5 trillion won in establishing a new foundation to develop future technologies. Rhee In-yong, the group's chief communications officer, said on May 13 it would open the Samsung Future Technology Foundation by next month and invest up to 1.5 trillion won for the next ten years. Choi Yang-hee, professor of computer engineering at Seoul National University, has been appointed as the first chairperson of the foundation, Rhee said.

The group will provide 300 billion won this year, followed by 450 billion won for the next five years until 2017. For the next five years between 2018 and 2022, it will put up another 750 billion won. The foundation will focus on R&D projects in three areas such as basic sciences--physics, chemistry, life science, and mathematics, materials science, and ICT fusion-type projects.

In order to enhance the efficiency of investment, the foundation will provide funding through competitive contests. For the first five years, for example, it will select up to 200 research projects undertaken by university researchers, state-run R&D centers, and corporate technology developers (excluding those owned by conglomerates).