SEOUL: Samsung Group, South Korea’s No. 1 conglomerate, said Monday it plans to establish a foundation to bolster the country’s growth engine in line with the government’s push to cultivate economic development.
The Samsung Research Foundation slated to open in June will support research and development in basic science, materials engineering, and information and communication technology, South Korean news agency Yonhap reported.
The group will inject 1.5 trillion won (US$1.34 billion) by 2022, starting with 300 billion won this year.
The project apparently is in line with President Park Geun-hye’s “creative economy” vision that calls for using information technology as a main tool for economic growth.
The move came just days after Samsung Electronics chairman Lee Kun-hee vowed to make efforts to produce tangible achievements for the “creative economy,” and to expand investment and job creation, according to Lee Seung-cheol, vice chairman of Federation of Korean Industries (FKI).
Hyundai Motor chairman Chung Mong-koo has also pledged to make efforts to create high quality jobs through shared growth with small and medium companies, said Lee Seung-cheol of the business lobby that speaks for the country’s large businesses.
The Samsung chief and Chung made the comments in a meeting with Park and other business leaders during Park’s trip to the United States last week, according to the FKI official.
The “creative economy,” one of Park’s key economic policies, calls for boosting the economy by creating new and inventive business opportunities and more jobs through the fusion of information technology with other sectors.
The foundation will receive applications for funding from researchers starting July and begin the programme in November, following the project-selection processes by a panel of industry experts at home and abroad.
Samsung said the beneficiaries of the foundation will also be given legal rights to the outcomes of their research to encourage development activities. –BERNAMA