Gov`t to allocate 100 bln won for industrial design by 2012

SEOUL, Jan. 28 (Yonhap) -- The government said Thursday 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.
Hit by the global economic slump, investments by businesses stood at 3.3 trillion
won in 2008, a noticeable drop from the 5.9 trillion won tallied two years
earlier.
The ministry said it will focus on bolstering demand that can stimulate
production and help create new job opportunities.
At present, visual design accounts for 36.8 percent of the overall market,
followed by the environmental and production design sectors.
With South Korean companies gaining recognition from abroad, 8.5 percent of local
companies have won overseas orders, with the average contract worth 116 million
won.
yonngong@yna.co.kr
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