Is the Current Administration of Korea Poised to Revamp its R&D System?

The Knowledge Economy minister of Korea said in a recent interview that he has been aware of the problems in Korea’s R&D industry since he took office last year. He added that Korea’s R&D industry is on a downward trend due to a lack of competition and its state of complacency.

Around 2.6 billion dollars is slated to be spent on converging separate R&D projects into one large-scale project. In an attempt to share the responsibility half of the money is set to come from the government while the other half will come from the private sector.

Again, the devil lies in the details. Almost every administration has tried to revamp Korea’s national innovation system. Will it be different this time? Time will tell.