The government plans to spend a combined 302.6 billion won (US$209 million) over the next 10 years on innovation-focused research and development (R&D) projects with high commercialization prospects, the industry ministry said Thursday.
The plan was devised to lessen the burden on private companies in developing high-risk, high-potential technologies that could become game changers for future industries, the Ministry of Trade, Industry and Resources said.
To this end, the ministry will designate 10 areas with potential to create future growth engines and provide up to 25 billion won for a maximum period of eight years per single project.
Unlike other R&D support programs, the initiative is aimed at providing support until the technology can be commercialized, the ministry explained.
