Seoul: The government will invest 463.5 billion won (US$324.7 million) by 2033 in research and development (R and D) projects led by medium-sized companies with export potential, the industry ministry said Thursday. Under the plan, the Ministry of Trade, Industry and Energy has designated 10 R and D projects on cutting-edge technologies that will receive government funding.
According to Yonhap News Agency, the technologies include future mobility, advanced manufacturing, energy, and rechargeable batteries. Medium-sized firms leading R and D projects in these areas will receive around 4 billion won per project on average over the next three to four years, as stated by the ministry.
"For sustainable growth, medium-sized companies must not remain confined to the domestic market but should expand into the global market by securing global competitiveness through technological innovation," said Oh Seung-cheol, deputy minister of industries and enterprises at the ministry.