SEOUL, South Korea plans to expand its research and development projects with foreign firms, as part of its efforts to help local firms gain competitiveness in new technologies, officials said Monday.
Under the plan, the government aims to spend at least 5.4 trillion won (US$4.1 billion) in research and development projects with foreign partners over the next three years, according to the Ministry of Science and ICT.
This illustrated image depicts research and development.
The ministry said 12 industrial sectors, including semiconductors, displays, rechargeable batteries and artificial intelligence, would benefit from the spending plan.
Also, eco-friendly industrial sectors, including carbon-free power generation and renewable energy, would be included into the spending plan.
The government plans to fast-track or exempt preliminary feasibility study requirements for imminent projects and shorten the period needed for adoption of advanced research facilities and equipment from 120 days to 50 days.
Source: Yonhap News Agency