On December 15 the Ministry of Knowledge Economy selected 10 best Korean Technologies that were influential economically in 2009 at a ceremony at the Grand Ballroom of the Intercontinental Hotel. Five were selected as the world firsts and the others were picked as the world's best technologies. Ten best technologies were selected by experts in their own fields such as electronics, machinery, aviation, materials, chemical, life sciences, and environmental resources. Based on a technology investigation and a field study conducted by the Technology Award Committee, experts examined the excellence of technologies and ripple effects on the domestic industry and selected companies balanced among small, medium, and big firms.
The President's Award was given to Hyundai Motors for its exclusive development of the Tau V8 gasoline engine.
The event reminded people of the importance of industrial technologies and spread the consensus among the people. The Ministry of Knowledge Economy also chose 26 men of merit who had contributed to the development of industrial technologies and gave them awards.
At the event Rim Che-min, the First Vice Minister of Knowledge Economy, assured participants that the Ministry would ease regulations that hurt business competitiveness and promised to invest approximately US$4 million from the MKE's budget on strategic areas such as new growth engines and green energy industries.
