"Follow-up Initiatives of EU Economic Security Strategy Present Opportunities for Domestic Research Institutes"

Korea Institute for International Economic Policy Report

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The Korea Institute for International Economic Policy suggested that the strengthening of research support conducted as part of the European Union (EU)'s follow-up initiatives to the European Economic Security Strategy could present opportunities for domestic research institutions.

According to the institute's recent report on June 10 titled "Key Contents and Prospects of the EU's Follow-up Initiatives to the European Economic Security Strategy," the European Commission announced the 'European Economic Security Strategy' last June and proposed five initiatives last month as follow-up measures. The European Economic Security Strategy is a common framework that presents laws to secure the export of critical technologies and overseas production to achieve EU economic security.

The main contents of the initiatives include ▲strengthening foreign investment screening ▲coordination of export controls among member states ▲tightening regulations on overseas investments ▲support for dual-use technology R&D ▲improvement of research security.

The institute stated, "Foreign direct investment screening regulations and export controls could affect Korean companies' entry into and exports to the EU, requiring caution. On the other hand, the strengthening of research support could be a factor that increases the possibility of domestic research institutions participating in joint EU research through Horizon Europe." Horizon Europe is the largest European research and innovation program operating until 2027.

According to the report, if support for dual-use technology R&D is strengthened in the EU, Korean researchers can promote international research activation by participating in Horizon Europe and conducting joint research. Currently, Korea is in the process of joining Horizon Europe as an associate member, and even before the membership is confirmed, it can conduct joint research with researchers in the European region. Dual-use technology refers to technology developed for civilian use but that can also be used for military purposes.

Researchers Jang Young-wook, Oh Tae-hyun, and Lee Hyun-jin from the North America-Europe Team of the World Area Studies Center 1 at the Korea Institute for International Economic Policy commented on this initiative package, stating, "There is a prevailing evaluation that it exposed limitations as it did not lead to the announcement of a binding and concrete action plan," but also suggested, "It is necessary to identify the types and characteristics of measures already presented or to be presented in the future and to minimize the impact on our companies through expressing opinions via various channels."