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KITECH to set up chapter in Busan

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The Busan metropolitan city government and the Korea Institute of Industrial Technology (KITECH) signed a memorandum of understanding (MOU) to establish a chapter of the think tank in Busan at the City Hall Monday morning.


The state-run institute was founded in 1989 to develop technology on behalf of domestic enterprises and to assist them in developing their own. Through untiring research activities, the institute has developed new technology in various industrial sectors for transfer to business enterprises and helped them improve their technological capabilities. The annual budget of KITECH is 85 billion won.


Under the MOU, the city government is going to invest 91.5 billion won for four years from 2005 to 2009 to establish a regional headquarters of the think tank on a floor space of 7,000 pyong in the city's complex for science and industry in Jisa-dong, Gangseo-gu.


The KITECH's Busan chapter is expected to provide regional industries involved in automobile, machinery and shipbuilding with research and development, offer production-wise technological assistance to industries of precision molding, parts and materials, mechatronics, and amalgamation, while providing them with human resources and information on new technologies.

The source of news : Busanilbo, Tuesday March 9, 2004, 9:39