Practical Support Including Tax Credits for Companies Challenging to Secure Strategic Technologies

Ministry of Science and ICT Holds 'National Strategic Technology Future Dialogue'
to Mobilize All Public and Private Capabilities

The government will expand the budget related to national strategic technologies beyond this year's 6.4 trillion won and provide institutional support such as tax credits to practically assist companies that boldly challenge to secure scientific and technological sovereignty.

On the 9th, the Ministry of Science and ICT announced this at the 'National Strategic Technology Future Dialogue' held at the Four Seasons Hotel in Seoul, which was organized to unite the public and private sectors in securing leadership in the technology hegemony competition.

Minister of Science and ICT Yoo Sang-im speaking. Photo by Yonhap News

Under the Special Act on Fostering National Strategic Technologies, the government has focused investment and support on research and development (R&D) of national strategic technologies with high strategic value in new industries, future supply chains, and national security, planning to invest 6.4 trillion won this year.

At the Future Dialogue attended by representatives from major domestic companies, universities, and research institutions, the government agreed on the urgent need for R&D investment to discover and foster next-generation growth engines, emphasizing not only the expansion of government R&D investment but also the necessity for companies to closely collaborate with research institutions to rapidly commercialize national strategic technologies.

Accordingly, the Ministry of Science and ICT decided to further expand next year's budget centered on national strategic technologies beyond this year's 6.4 trillion won and to consult with related ministries to ensure that related systems, such as tax credits for national strategic technologies, effectively support companies' bold challenges to promote private R&D investment.

To cultivate excellent talent in national strategic technologies, the ministry will establish the '5th Basic Plan for Fostering and Supporting Science and Technology Talent' to support rapid entry of talent by technology and industry sectors and devise plans to attract the world's top talent.

Additionally, through the Future Dialogue Working Committee, they will discuss and develop ways to swiftly generate outcomes in national strategic technologies, establish a nationwide collaborative system encompassing major companies, universities, the National Science and Technology Research Council, the National Research Council for Economics, Humanities and Social Sciences, and related ministries, and improve related systems.

After the Future Dialogue, the Ministry of Science and ICT will regularly hold the Working Committee composed of participating organizations and related ministries to discover national strategic technology agendas and discuss directions for regulatory and institutional improvements. In September, they plan to hold the 'National Strategic Technology Summit' with industry, academia, research institutes, and global think tanks to announce the measures discussed in the Working Committee and share future plans.

Minister Yoo Sang-im of the Ministry of Science and ICT emphasized, "To secure leadership in the increasingly intense global technology hegemony competition, it is most important to unite public and private capabilities. We will nurture the necessary talent at the right place and time, prevent the outflow of excellent talent, realize a talent ecosystem that attracts the world's best talent, and create a virtuous cycle structure where excellent outcomes of national strategic technologies can be rapidly commercialized."

Meanwhile, following the Future Dialogue, the Ministry of Science and ICT held the 'National Strategic Technology Certificate Award Ceremony,' presenting certificates and plaques to representatives and research directors of six companies possessing, managing, and developing national strategic technologies: Algenomics Co., Ltd., DCT Material Co., Ltd., Perrige Aerospace Co., Ltd., Jincore Co., Ltd., Retinal Co., Ltd., and InEasy Co., Ltd.

Minister Yoo said to the certified businesspeople, "As representative companies of future Korea, I ask you to continue your efforts in technology development and growth to foster national strategic technologies, and the government will also do its best to support you."