Seoul, South Korea plans to provide additional 5.67 billion won in research and development funds in areas such as blockchain

According to Yonhap News Agency, the Seoul Metropolitan Government and the Seoul Industrial Development Agency said that in order to help small and medium-sized enterprises, venture capital companies and startups in Seoul adapt to the new economic order and industrial structure changes in the post-epidemic era, they decided to provide an additional 5.67 billion won in the second half of the year. (Approximately US$4.771 million) research and development (R&D) funds. The plan is aimed at technological development in the fields of biomedicine, AI, high-tech, and blockchain. Each project is expected to provide 60 to 300 million won in funding. According to the chain’s note, in March this year, the Seoul Metropolitan Government announced an R&D investment plan of 41.5 billion won, and plans to select 180 projects from the 1,110 projects received for funding.