Busan's R&D Investment Yields Notable Results: Increases in Publications, Patents, and Jobs

Midterm Performance Review of Busan R&D Investments Released
Significant Growth in Publications, Patents, and Job Creation
Strategic Shift Needed for Future Industries and Talent Development

Busan Institute for Science and Technology Promotion (BISTEP, President Kim Youngbu), the local government agency responsible for establishing the Busan Research and Development Mid- to Long-Term Investment Strategy, has published a report on the results of a midterm performance review of R&D investments.

The "1st Busan Research and Development Mid- to Long-Term Investment Strategy" is a system implemented by Busan Metropolitan City to advance its budget investment system and establish a systematic investment plan, becoming the first among local governments nationwide to do so. The first midterm performance review has been conducted this year, marking the third year since the initial plan was established in 2023.

This review was based on strategies for four major sectors and ten key projects, into which a total R&D budget of approximately 423.7 billion KRW was invested across 191 projects (96 in 2023 and 95 in 2024) over two years. As a result, growth was observed across various indicators, including academic publications, patent applications, commercialization, and job creation. Notably, the number of publications and patents per 100 million KRW of R&D investment more than doubled compared to the previous year, and job creation nearly doubled as well.

Among the four major sectors of the investment strategy, the area that received the largest share of investment was "Fostering Traditional and Core Industries," which is regarded as having high potential for creating social value in the era of digital transformation. Accordingly, the review highlighted the need to reassess the limitations of past local science and technology policies and emphasized a strategic approach for transitioning to future new industries.

Compared to "Fostering Traditional and Core Industries," the "Talent Development" sector, which has received a relatively smaller share of investment due to limited resources, is expected to see a significant increase in funding through linkage with the RISE (Regional Innovation-led University Support System) project, which will be fully implemented from this year. Active support and policy shifts are required to prevent the outflow of local talent and to encourage outstanding individuals to settle in the region.

Major Outcomes per 100 Million KRW Investment According to the 1st Busan Mid- to Long-Term R&D Investment Strategy.

This midterm performance review was conducted with the aim of overcoming the limitations of a centralized, uniform R&D policy and establishing a regionally customized R&D investment strategy by efficiently utilizing Busan's R&D budget and setting investment priorities.

Hong Seongsu, Head of the Evaluation and Analysis Division at BISTEP, stated, "We will continue to review the relevance and consistency with the mid- to long-term investment strategy, rather than making indiscriminate investments," and added, "We will continue to develop a data-based Busan-style evaluation and analysis model to maximize investment outcomes and drive regional development."

Cover of the Midterm Performance Review Report on Busan Research and Development Mid- to Long-Term Investment Strategy.