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Industry minister visits research center of Samsung Electronics

Minister of Trade, Industry and Energy Ahn Duk-geun speaks at Korea Association of Machinery Industry New Year’s ceremony in Seoul, Jan. 17. Courtesy of Ministry of Trade, Industry and Energy

Industry Minister Ahn Duk-geun visited a research center of Samsung Electronics on Thursday as the government seeks to promote research and development (R&D) projects to revitalize economic growth.

“R&D projects play a key role in revitalizing the growth potential and securing economic security,” Ahn said during his visit to the research center in southern Seoul.

“Our focus is on investing in cutting-edge technologies where companies and the private sector encounter obstacles in making investments,” he added.

Korea’s annual budget for R&D projects in 2024 came to 26.5 trillion won, with the industry ministry taking charge of 5.1 trillion won.

Korea plans to raise tax cuts for additional R&D expenditures through the end of this year by 10 percentage points as well, raising the rates to 35 percent for conglomerates and 60 percent for small and medium-sized firms. (Yonhap)

 

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