Prime Minister Han Duck-soo said Thursday that the government plans to pour 25 trillion won by 2027 into research and development for semiconductors, biotechnology and space industries.

The prime minister announced the plan in opening remarks for a meeting of the Presidential Council on Intellectual Property, saying that the government will focus its national capabilities on occupying in advance key intellectual properties in the areas of strategic technology. 

Han stressed the urgent need for the country to secure key intellectual properties and foster new industries and technologies to revive economic growth in the face of the global economic slowdown.

He said that the government will make pan-government efforts to establish an ecosystem that provides a virtuous cycle of creation, utilization and protection of intellectual property in order to realize a dynamic economy based on intellectual property.

Prime Minister Han added that the government will support the commercialization of intellectual property by advancing the evaluation system based on artificial intelligence, expanding finance and investment, and nurturing manpower tailored to demand.

The Presidential Council on Intellectual Property, which deliberates and coordinates intellectual property policies, is co-chaired by the prime minister and the civilian chair, and consists of 13 government officials and 18 civilians.