The Korean government announced new research and development (R&D) spending plans on December 21, 2011. The strategy is to bolster the R&D capabilities of small-and mediumsized enterprises (SMEs) in order to sustain job growth and create a more R&D friendly environment. The government will increase the share of SMEs in its R&D spending from 12 percent in 2010 to 16.5 percent in 2015. In addition, SMEs will be given more opportunities to participate in industry-university cooperation projects, which are expected to allow them to boost their capacity to develop innovative technologies.
A larger budget will be allotted to human resources development in the R&D sector. To provide more subsidies to companies that create R&D related jobs, the Ministry of Knowledge Economy will expand the share of labor costs in its total R&D spending from 29.7 percent in 2012 to 40.3 percent in 2012. In addition, the government will provide a jobmatching service to match universities and research institutions with SMEs that are looking for talented personnel.
Acknowledging the importance of patent protection as a prerequisite for a company to expand globally, the government will facilitate the creation and use of intellectual property in all stages of R&D. A team consisting of patent attorneys and other experts will provide patent consultation services as well as training programs to SMEs. The government will also set up a response system to prepare for any possible international patent disputes.
* Source : 『Monthly Economic Bulletin』 Vol.34 No.1
(Ministry of Strategy and Finance and Korea Development Institute)
