Korea to invest $699 mn in national IP projects in 2024

[Courtesy of Presidential Council on Intellectual Property]

South Korea plans to invest 934.1 billion won ($698.64 million) in national intellectual property (IP) projects in 2024, and will found an organization dedicated to analyzing Korean as well as foreign patents for 12 national strategic technologies.

The plan was unveiled during a meeting organized by the country’s Presidential Council on Intellectual Property on Tuesday to approve the national IP implementation plan for 2024.

The implementation plan includes 75 tasks, such as establishing a dedicated organization to promote the creation and usage of intellectual property for 12 national strategic technologies.

The dedicated organization will be established under the name of the ‘National Strategic Technology Patent Support Team’ under the Korea Intellectual Property Strategy Agency (KISTA). It will analyze Korean and international patents, as well as technological trends related to the 12 national strategic technologies, to support the efficiency of research and development (R&D).