The government said Tuesday that it will inject 988.1 billion won (US$845.6 million) to fuel research and growth in the information technology (IT) sector this year.

The total represents a 6.1 percent gain from 931.3 billion won used in 2009 with the money to come from the country’s ICT Promotion Fund and the state budget, the Ministry of Knowledge Economy said.

It said the government will offer support in the form of contributions that do not require repayment and loans, with emphasis placed on such areas as IT convergence, the buildup of original technologies and eco-friendly green growth businesses.

The support scheme is focused on the acquisition of original technologies vital for maintaining the country’s lead in the IT field, which will receive 700.9 billion won, including 112.5 billion won for the state-run Electronics and Telecommunications Research Institute.

In the past, South Korea had to borrow technologies from foreign sources that hampered development of cutting-edge products and services.

A further 108.2 billion won is to be given to expanding the country’s knowhow in convergence areas like linking IT to cars, ships, textiles and machinery, with 65.8 billion won to be set aside for overall infrastructure building, the ministry said.

YonhapNewsAgency

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