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The Korea Herald
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THE INVESTOR
March 28, 2024

Economy

ICT Ministry gains division for tech innovation, R&D investment

  • PUBLISHED :June 05, 2017 - 18:16
  • UPDATED :June 07, 2017 - 11:29
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[THE INVESTOR] South Korea’s Ministry of Science, ICT and Future Planning not only heaved a sigh of relief but was in a celebratory mood on June 5 as it was granted a new arm for innovation as part of the administration’s reorganization plan.

It was rumored that the ICT Ministry was facing the ax, as it was the brainchild of jailed former President Park Geun-hye. It welcomed the reorganization agreement between the government and the ruling party, which would see the ministry gain control over the entire field of science and technology.

According to the plan, the new Science, Technology and Innovation Office will have three bureaus in charge of policymaking for science and technology, deliberating R&D investments and evaluating achievements. The new vice minister-level official to be in charge will be opened for applications from experts in the private sector. 

The ICT Ministry, instead, will transfer its supporting function for startups to a newly created branch for small and venture firms. 

“It was predictable that the ministry’s role as the control tower for science and technology would be strengthened from the president’s campaign pledges,” said a ministry official. “With the new office, the ministry will have enhanced power on budgeting R&D investments, which was solely planned by the Finance Ministry (before).” 

There were expectations that the ICT Ministry would be renamed, removing the “creative” in its Korean indication, but details are not yet confirmed.  

If the agreement passes the National Assembly, the ICT Ministry will be the biggest in size compared to similar ministries in past administrations. 

During the former Roh Moo-hyun government, there was a deputy prime minister-led Science and Technology Ministry but it did not encompass the field of ICT. 

By Song Su-hyun/The Korea Herald  (song@heraldcorp.com)

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