Seoul: South Korea will allocate 208.8 billion won (US$143.7 million) this year to global technology cooperation projects as part of its strategy to enhance the nation's technological competitiveness, the industry ministry announced on Wednesday. This investment represents a 25.9 percent increase compared to last year's allocation, according to the Ministry of Trade, Industry and Energy.
According to Yonhap News Agency, South Korea plans to direct 94.2 billion won towards international projects that aim to foster technology developments through bilateral cooperation or participation in multilateral funding initiatives, such as Eureka and Eurostars led by the European Union. Additionally, the country will invest 105.2 billion won into establishing industrial technology collaboration centers at premier research institutions worldwide and launching mid- to long-term joint research projects to advance core technologies that serve as future growth engines.
Furthermore, another 3.5 billion won will be dedicated to encouraging global entities to invest in local research and development projects and to facilitate cooperation between local and foreign companies.