The Ministry of Science, ICT and Future Planning said Sunday that it would set aside 3.94 trillion won ($3.35 billion) to fund research and development projects for science, technology and information and communications technology in 2016.

The fund is part of the ministry’s initiative, dubbed the comprehensive execution plan, aimed at speeding up innovation in the nation’s science and ICT sectors and creating new growth engines for the economy. 

Around 2.96 trillion will be invested in the science and technology sectors while the remaining 980 billion won will be spent on ICT projects.

First and foremost, the ministry will try to foster projects to develop original technologies in emerging areas, such as those for bio- and nanotechnologies, autonomous vehicles and space technologies.

It will also focus on supporting research for convergence technologies, such as those combining the “Internet of Things” ― Internet-connected products ― and big data.

In a bid to help researchers bring about quality research results, the ministry will revamp the current evaluation system of research projects by putting more weight on quality than quantity.

Research assessments, for example, will be evaluated by the number of citations by other researchers instead of the number of published papers or patents.

The investment will also be used to encourage small and medium-sized enterprises in ICT R&D. Some portions of the investment will go to programs to nurture and support talents to find jobs or start their own businesses, which the ministry expects to address unemployment issues.

Pledging to complete the construction of the International Science and Business Belt, a massive science park in Daejeon, along with research labs across the nation, without glitches, the ministry also vowed to beef up the R&D infrastructure for local universities and private research centers.

“The investment plan will be able to advance the R&D in the science technology and ICT sector and make great contributions to the government’s creative economy,” an ICT ministry official said.

By Kim Young-won (wone0102@heraldcorp.com)