Ministry of Trade, Industry and Energy to Invest 59.2 Billion KRW in Design Innovation R&D This Year

[Sejong=Asia Economy Reporter Kwon Haeyoung] The Ministry of Trade, Industry and Energy announced on the 26th that it will invest a total of 59.2 billion KRW in design innovation research and development (R&D) this year, with 31 new projects (14.2 billion KRW) being announced.

The Design Industry Technology Development project primarily supports small and medium-sized enterprises (SMEs), mid-sized manufacturing companies, and design-specialized firms in developing design-driven innovative products. The support includes the development of design-led products and services through convergence across diverse fields such as technology, humanities, social sciences, and culture, as well as commercialization processes like mold and prototype production.

This year, the Ministry of Trade, Industry and Energy is focusing new projects on carbon neutrality, responding to future trends, and solving social issues. The key points include ▲supporting the application of carbon-neutral and eco-friendly materials and the development of premium sensory designs through core technology development in color, material, and finish (CMF) design ▲strengthening strategic investment in technology development that actively reflects future trends such as electric vehicles, autonomous vehicles, smart homes, and smart manufacturing ▲promoting creative and proactive user-oriented technology development through design in response to social phenomena such as increased non-face-to-face demand and aging population.

So far, from 2011 to 2021, the Ministry has supported approximately 385.7 billion KRW and 601 projects under the Design Industry Technology Development project. It has achieved results that created 10.8 jobs per 100 million KRW of government funding, which is about seven times the national average of 1.5 jobs per 100 million KRW in research and development projects.

No Geon-gi, Director of Industrial Technology Convergence Policy at the Ministry, stated, "The Design Industry Technology Development project has contributed to enhancing the design innovation capabilities of domestic SMEs and mid-sized companies through the convergence of manufacturing and design. Moving forward, we will actively support related technology development so that design can play a significant role in addressing urgent social challenges such as carbon neutrality, aging, non-face-to-face trends, and industrial complex safety."

Detailed information can be found on the websites of the Ministry of Trade, Industry and Energy and the Korea Institute for Advancement of Technology.