South Korea's science ministry said Thursday it will nurture private research and development (R&D) facilities in a bid to boost their competitiveness in the sector dominated by foreign institutions.
A draft legislation proposed by the Ministry of Science, ICT and Future Planning said its minister and local governments would establish a basic road map every five years on promoting the sector and set up annual implementation plans based on the road map.
R&D services refer to institutions that provide technology consulting to customers and carry out projects outsourced by the government or large corporations.
Of the 55.45 trillion won (US$54.91 billion) that the country spent on R&D projects, only 7.55 trillion won, or 13.6 percent, were outsourced to local entities as of 2012, according to the Korea R&D Service Industry Association (KORSIA).
More than 620 domestic institutions are registered as R&D facilities.
"Once this bill is passed, we anticipate that more jobs will be created for talented science and engineering majors and that the research industry in the country overall will benefit from the move," an official from KORSIA said.
The proposed legislation also says the government will provide the private research centers with various tax breaks and support for their overseas expansion.
In addition, these research companies will be given more opportunities to participate in government-led projects, and professionals in the field will be fostered by institutions approved by the government.