Technological Development and R&D Policy: The Case of Korea

Abstract

Korea's technology and R&D policy has direct and indirect effects on the economic development process. Government can create a climate conducive to enhancing science and technology. This climate is created, in part, through the funding policies of government research agencies. The major feature of Korean technological policy was the fostering of indigenous technology through research centers established in both public and private sectors. With more internationalizing trade, business, and technology, Korea faces the problems in meeting competition from countries with more efficient industries as well as those with high technology. This paper discusses how Korea deals with a new situation and reformulate its R&D policy so as to meet the challenge in the world's technology markets.