The Ministry of Science and ICT (MSIT, Minister Jong Ho Lee) and KISTEP held the '1st National R&D Mid-to-Long Term Investment Strategy (2023-2027) (Draft)' public hearing at The-K Hotel in Seoul on November 29.

A mid-to-long term investment strategy is the highest level investment strategy that presents strategic investment objectives and directions of national R&D budget for the next 5 years (2023~2027). This is the first statutory plan established to improve the predictability and efficiency of national R&D investment which has increased quantitatively.

The public hearing led by director general Seung-su Jun of the Office of National R&D Coordination of KISTEP as a moderator. The first part of the public hearing included △opening remarks by Seo-gon Goh, Officer of Science, Technology and Innovation Coordination of MSIT, △ welcoming remarks by Byung-Seon Jeong, President of KISTEP, and △ presentation of the National R&D Mid-to-Long Term Investment Strategy (draft) by Director Gun-Young Jung of R&D Investment Planning Division of MSIT. The second part included △ panel discussion and △ online and offline Q&A session.

▲ Opening Speech by Seo-gon Goh, Officer of Science, Technology and Innovation Coordination of MSIT

Seo-gon Goh, Officer of Science, Technology and Innovation Coordination of MSIT said in his opening remark, “it is time to shift the investment paradigm from quantitative expansion to qualitative growth as the economic growth rate slows down and financial conditions have been deteriorated.” “I would like to ask you to present your candid opinion on this strategy and we will incorporate your opinion into our plan as much as possible,” he added.

 ▲Welcome Speech by Byung-Seon Jeong, President of KISTEP

President Byung-Seon Jeong of KISTEP said in his welcoming remarks, “it is necessary to involve various innovative actors and move towards the same direction together by sharing our strategies and objectives with the private sector.” He added, “KISTEP will incorporate your ideas and opinions into the agenda presented to the Presidential Advisory Council on Science and Technology so that this plan will contribute to bringing our science and technology innovation to a higher level.”

▲ Presentation by Director Gun-Young Jung of R&D Investment Planning Division of MSIT

Director Gun-Young Jung of R&D Investment Planning Division of MSIT diagnosed the internal and external condition for Korea in his presentation and said, “in the first mid-to-long term investment strategy for national R&D established three goals in terms of policy, investment and technology under the vision of ‘Becoming G5 in S&T by 2030’ and set 4 investment strategies (△ Strengthening mission-oriented investment based on private and public cooperation, △ Enhancing innovative capability with selection and focus, △ expansion of foundation for S&T to respond to future and △ innovation in investment system) and 23 tasks.” In particular, he expressed the government’s willingness to “increase the number of public-private R&D council continuously to make sure that opinion, planning and needs of private companies can be incorporated into the government R&D programs and increase the number of program groups to achieve actual outcomes.”

▲ Panel Discussion

In the following panel discussion chaired by Sang Yup Lee, Vice Chancellor for Research, KAIST, professor Jun-Bom Kim of University of Ulsan, professor Taesoo No of Jeonbuk National University, Chi-woong Song, head of Asia Pacific Advanced Technology Strategic Research Center of Science and Technology Policy Institute (STEPI), professor Ji Woong Yoon of Kyung Hee University and Director Gun-Young Jung of R&D Investment Planning Division of MSIT participated for in-depth discussion and there was Q&A session to address questions raised from online and offline participants.

The results of public hearing will be finalized as ‘mid-to-long term investment strategy’ after deliberation at the Presidential Advisory Council on Science and Technology.