Government to encourage tech projects

The government said yesterday it would launch projects to commercialize magnetic levitation train technology and five other high technologies in September. The government will also promote projects for the domestic production of 100 parts and materials that now mostly come from Japan. Those plans were unveiled at a meeting of technology-related ministers at the Ritz-Carlton Hotel in southern Seoul yesterday. Oh Myung, minister of science and technology, presided. The projects for commercialization of magnetic levitation trains and the local-technology-based bullet trains will be led by the Ministry of Construction and Transportation. The Ministry of Commerce, Industry and Energy will lead the project to commercialize small gas turbines for power generation. The Science Ministry will be in charge of commercializing nuclear reactors for seawater desalination. The project to commercialize remedies for degenerative brain disease will be led by the Ministry of Health and Welfare. The Ministry of Maritime Affairs and Fisheries will be in charge of the project for large-size high-speed ships. A fusion of medical technologies ― magnetic resonance imaging and positron emission tomography ― has also been proposed for commercialization. But the government excluded it because the demand is not large and it would be difficult to commercialize within five years. The government said that it aims to complete the six projects in two to five years. The government will cover all the costs of research and development and market development. The government explained that the basics of the six technologies had already been developed but have not yet been commercialized due to budget shortages. As for the magnetic levitation train, the government forecasts that it will take four years and cost 450 billion won ($450 million) to commercialize it. If it was commercialized, it would bring about 59 trillion won in revenue and create thousands of jobs by 2020, the government said. It would cost 80 billion won and take three years to commercialize bullet trains based on local technology, according to the government. by Park Bang-ju