[Sejong=Asia Economy Reporter Kwon Haeyoung] Technological development cooperation between domestic companies and ASEAN (Association of Southeast Asian Nations) will be strengthened in fields such as electric vehicles and intelligent lighting.
The Ministry of Trade, Industry and Energy announced on the 17th that it will open applications for the "Korea-ASEAN International Joint Technology Development Project" until August 11.
This project, launched as a pilot this year, supports international joint technology development between ASEAN industry-academia-research sectors with high growth potential and domestic companies.
It is being promoted focusing on 12 technology items derived from a recent survey of technology cooperation demands with ASEAN targeting domestic industry-academia-research sectors. These items include electric two-wheelers, intelligent LED road lighting, AI-based smart livestock farming, electric vehicles with fewer than 9 seats, and electric buses with 20 or more seats.
Companies selected for the project will receive up to 1 billion KRW in technology development funds over three years to conduct joint research and technology transfer with ASEAN industry-academia-research sectors.
Previously, Korea and ASEAN agreed to establish the "Korea-ASEAN Industrial Innovation Organization" in November 2019 during the Korea-ASEAN Special Summit to build a mutually beneficial technology innovation ecosystem. This platform will comprehensively support Korea-ASEAN joint research and development (R&D), technology transfer, and commercialization, and is scheduled to be established within the year.
An official from the Ministry of Trade, Industry and Energy stated, "This joint technology development project will activate technological cooperation with ASEAN countries and serve as a stepping stone for our technologically competitive companies to expand their entry into the New Southern Market."
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