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May 21st, 2008
Foreign Labs to Have Access to Local R&D Projects
The Ministry for Knowledge Economy said a set of new rules will go into effect on Wednesday, allowing foreign institutes to become "equal participants" in research projects with Korean partners.
Foreign participation is currently limited to technical advisory roles.
The new rules apply to both state-supported and private sector R&D projects. If foreign laboratories and companies invest money in projects, they will be able to own or share intellectual property rights that are created in the development process.
The changes, however, call for Korean research organizations or laboratories to be full partners in such research efforts.
"While the new rules go into effect immediately, the first actual application will be the KORUS-Tech project that is to kick off between Korea and the United States in November," said a ministry official.
The project, proposed on the sidelines of the talks for a free trade agreement deal that was reached last year, calls for concerted efforts by Korean and U.S. laboratories and companies to develop next-generation information technologies.
R&D is to be centered on digital convergence, software solutions, nanotech and other areas. The government has pledged to inject 6 billion won (US$5.75 million) into the project this year.
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