President says tech development key to future growth

By Byun Duk-kun

SEOUL, April 21 (Yonhap) -- President Lee Myung-bak vowed Tuesday to increase investment in research and development by 10 percent every year over the next three years, saying new and indigeous technology is what will get the country through the global economic crisis and prepare it for the future.

"We are now facing the foul wind of an unexpected global economic crisis, but the
crisis has an end. What is important for us is to develop a new growth engine
that will take us to the next level after the crisis is over," Lee said in a
ceremony marking National Science Day.
The ceremony was held at the National Science Museum in Gwacheon, just south of
Seoul.
The government will increase its R&D investment by 10 percent every year until
the amount reaches 5 percent of the country's gross domestic product in 2012, the
president said.
"Though we are producing the world's best-selling products, we are paying large
amounts of money to foreign nations for use of their technology because of our
lack of indigenous technologies," he said.
One area in which the country can take a dominant position is green industry, the
president noted.
"We established green growth as a vision for our national growth before any other
country, as it will also allow us to actively deal with the issue of climate
change that faces all mankind," Lee said.
"From now on, indigenous green technologies will be the key determinants of
growth and sustainable development of countries," he added.