Samsung Group will invest 1.5 trillion won ($1.34 billion) over the next 10 years on a foundation for nurturing future technologies focused on basic science, materials engineering, and information and communication technology to buttress the Park Geun-hye government’s “creative economy” drive.

Scheduled to be established in June, the Samsung Research Foundation will begin with 300 billion won this year to invest 750 billion won by 2017, when another 750 billion won will be granted over the ensuing five years following an interim assessment, the company said Monday.

The investment plans, announced in a rare press conference, would help finance the Park administration’s initiative for molding an economy that’s able to seamlessly integrate IT with other facets of peoples’ lives to promote creativity and add value.

Samsung Electronics chairman Lee Kun-hee reportedly assured President Park of his aspirations to help realize her national vision during the president’s trip to the U.S. last week, on which Lee accompanied.

Korea, despite its status as an IT powerhouse, has failed to show significant progress in the areas of basic science or materials engineering: The country has yet to produce a Nobel Prize science laureate.

To address these and other concerns, the foundation will be mainly concentrated in basic science ― physics, chemistry, bioscience and mathematics ― which forms the backbone for science technology, along with material engineering that’s essential for manufacturing development, and finally ICT integration for generating added value.

“These are all fields closely associated with the government’s creative economy initiative,” said Rhee In-yong, Samsung Group’s president who heads communication.

He added that the foundation hoped to distance itself from donations or charity, being more of an attempt to consistently and systematically support the development of the nation’s industrial technology.

One gaping difference between the Samsung foundation and others is that individuals chosen for the funding program will be permitted to plan their own schedules and budgets. They also will be given full ownership of whatever discoveries they make. Samsung will further help the projects become commercialized, executives said.

The fund will start receiving applications by July and begin the program in November following a screening by an expert panel.

Heading the foundation will be professor Choi Yang-hee at Seoul National University’s School of Computer Science and Engineering.

By Kim Ji-hyun (jemmie@heraldcorp.com)