▪ The government is pushing to abolish the R&D Preliminary Feasibility Study (PFS).
▪ The R&D sector has been included in the PFS since 2008, and considering the nature of R&D, the Ministry of Science and ICT (MSIT) has been tasked with the R&D PFS from the Ministry of Trade, Industry and Energy (MOTIE) since 2018.
▪ The R&D PFS has resulted in budget savings of approxately 25.8 trillion won since 2018.
▪ R&D investment lacks timeliness and speed due to a decreased selection rate of projects that file an application for the R&D PFS, a decreased number of projects accepted after the PFS, and the prolonged duration of the PFS.
▪ The government plans to abolish the R&D PFS in principle, but as a complementary process, it plans to prepare and implement the “Measures to Innovate the Investment and Management System of Large National R&D Projects.” (Jun. 4, 2024)
▪ Need to revise applicable laws, such as the National Finance Act, to abolish the R&D PFS and prepare a follow-up system
▪ The preliminary planning inspection system, which will be created in response to the abolition of the R&D PFS, is not different from the existing preliminary consulting system, and there are concerns that it might not be enough to prevent inadequate R&D project plans.
▪ Need to gather a wide range of opinions and engage in an in-depth discussion on the necessity of abolishing the R&D PFS as well as the effectiveness of the new system, based on a thorough evaluation of the study's advantages and disadvantages and its current operation