| Jan 29, 2010 |
South Korea to allocate $86.3 million by 2010 to stimulate the country's industrial design sector
Boh staff
By Staff

The government of South Korea announced that it will help stimulate the local industrial design sector by allocating 100 billion won (US$ 86.3 million) for research and development by 2012.

The plan calls for revamping the government’s fund management rules so policymakers can set aside 1 percent of state R&D funds for industrial design, the Ministry of Knowledge Economy said.

The measures come as a drop in business-related investments caused the size of the local industrial design market to fall to 5.2 trillion won in 2008 from 6.8 trillion won in 2006.

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