The government approved amendments to the 'National Finance Act' and 'Framework Act on Science and Technology' to abolish the preliminary feasibility study (pre-feasibility study) system in the R&D sector during a Cabinet meeting on the 10th.
The R&D pre-feasibility studies have been criticized for taking an average of more than two years, limiting the rapid strategic investment at the national level in a rapidly changing technological environment. There were also voices saying that it is limiting to evaluate R&D, which has a high 'uncertainty', through the pre-feasibility study system.
In response, the Ministry of Economy and Finance and the Ministry of Science and ICT decided at the National Fiscal Strategy Meeting held on May 17 to transition to a leading R&D system that enhances the speed and timeliness of R&D projects. As part of this, they decided to abolish the R&D pre-feasibility study system.
The amendment to the National Finance Act, passed at the Cabinet meeting on this day, includes the exclusion of 'national research and development projects' and 'construction work essential for research and development execution from the pre-feasibility study targets.
The amendment to the Framework Act on Science and Technology contains a 'tailored evaluation system' as a complementary measure following the abolition of the R&D pre-feasibility study.
The Ministry of Economy and Finance and the Ministry of Science and ICT plan to submit the proposed amendments to the National Assembly within this month. A government official noted, "If the proposed amendments pass the National Assembly's review in the first half of next year, the new system is expected to be fully implemented from the second half of next year," adding, "It will be possible to shorten the timeline by more than two years compared to the existing pre-feasibility study system."