Why do you think research and development are important? How can research and development impact the

R&D activities are essential in their role in the economy and society development. The newly developed technology could have a positive economic and societal impact for the following reasons. The first reason is the economics from the scale. Core technology could later be applied to another field, which would be both efficient and feasible. Artificial intelligence can be an example because we can later use them in various industries. This factor is essential for Korea because one conglomerate holds subsidiaries covering multiple sectors. The second reason is the flexibility toward external crises. The concept of global operation led businesses to be more outreaching. However, it could make companies more vulnerable to worldwide turmoil, and core technology would provide a tool to tackle such events. COVID-19 vaccine is an example. It took significant pharmaceutical firms a year to develop a vaccine. This speed was possible from having technology reserved for other diseases.