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Samsung announced this week the establishment of the Samsung Research Foundation to help foster and invest in technologies in the areas of basic science, materials engineering and information and communications technology (ICT) projects.

The foundation aims to contribute to building and strengthening the infrastructure for innovation and future technology development for the benefit of the broader society and economy, at a time when cultivating new growth engines for the future has become a critical agenda.

Samsung will fund 1.5 trillion won ($1.34 billion) in the foundation over 10 years, starting with 300 billion won ($268.54 million) this year. After a total of 750 billion won ($670 million) is funded until 2017, another 750 billion won ($670 million) will be granted during the following five-year period.

The foundation, to be established in June, will support research and development in basic science, materials engineering and ICT convergence projects. It will receive applications for funding from researchers by July and begin the funding program in November, following the project-selection process by a panel of industry experts at home and abroad.

The foundation will be headed by Professor Choi Yanghee at Seoul National University’s School of Computer Science and Engineering.

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