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Gov't to Expand Support for R&D Service Sector

Written: 2004-07-16 00:00:00Updated: 0000-00-00 00:00:00

The government is working to expand support for the nation's research and development (R&D) service sector.

The government support comes as a lack of planning and delayed access to the latest scientific and technological data continue to lengthen the time it takes for R&D results to become commercially viable.

At a meeting on Friday, economy-related ministers agreed to separate R&D service work from state-run research centers into an independent R&D service industry.

The government also plans to implement up to 50 percent corporate and income tax cuts for R&D-related business firms in the first four years of their operations. It will also carry out further tax exemptions in proportion to the annual employment growth rate.

In addition, the government will also nurture R&D service experts qualified in R&D-related planning, management and analysis.

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