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Korea to Boost Support for Technology Commercialization
The Korean government will increase financial support to firms to help them expedite commercialization of technology next year by transforming the Korea Technology Transfer Center (KTTC) into a technology commercialization support center.
Science and economic ministers yesterday finalized the KTTC reform plan aimed at promoting commercialization of homegrown technologies at their meeting chaired by Deputy Prime Minister and Science-Technology Minister Oh Myung at the Lotte Hotel in Seoul.
Under the plan, the KTTC's role as a technology transfer and brokerage center will be reduced, while its venture capital function and financial support for technology commercialization will be strengthened.
Oh said that the government devised the reform plan to facilitate commercialization of lucrative technologies.
Economic and science ministers also agreed to jointly seek ways to facilitate provision of necessary funds to the magnetic levitation train commercialization project.
In addition, the government will form individual committees, which will conduct feasibility studies on ways of commercializing specific technologies for major national technology development projects, such as system-integrated Modular Advanced Reactor Technology (SMART) and positron emission tomography.
SMART is a 330-megawatt pressurized water reactor with integral steam generators and advanced safety features developed by the Korea Atomic Energy Research Institute (KAERI).
The government will hike its aggregate R&D investment to 7.79 trillion won, up 9.9 percent from 2004.
The government earmarked 4.26 trillion won for R&D, 1.84 trillion won for operating costs of research organizations, 1.16 trillion won for university research projects and 479.1 billion won for infrastructure for key research projects.
Of the R&D budget, 1.93 trillion won will be spent on developing industrial technologies and 1.46 trillion won on basic research projects.