AmorePacific Chairman and CEO Suh Kyung-bae speaks during a launch event at the Press Center in Jung-gu, central Seoul, Thursday. He donated private stock worth around 300 billion won ($268 million) to establish the Suh Kyungbae Science Foundation to help scientists in the life sciences. / Yonhap



By Jhoo Dong-chan

AmorePacific Chairman and CEO Suh Kyung-bae has donated his private shareholdings worth around 300 billion won ($268 million) to establish the Suh Kyungbae Science Foundation to support scientists in the life sciences.

At an official announcement at the Press Center in Jung-gu, central Seoul, Thursday, Suh said that it was "time to give something back to the public for their support."

"I first got interested in science while watching an animated Japanese television series, Astro Boy, when I was a kid," said Suh.

"My father, AmorePacific founder Suh Sung-hwan, always emphasized the importance of talented people in society. I believe talented scientists and their research activities will make a big difference in the nation's competitiveness."

Under the slogan "Service to mankind through science," the Suh Kyungbae Science Foundation aims to promote the development of the life sciences by supporting talented young scientists who are creative and enthusiastic in exploring new areas in their fields.

Three to five scientists are expected to benefit from funding from the foundation every year. Each research project is expected to receive a maximum of 2.5 billion won over five years.

Applicant scientists need to go through a documentation process first, then submit their full proposals and discuss their research plans in which juries will evaluate their projects' creativity, capability and potential scientific impact.

Suh stressed that the science foundation will operate independently from AmorePacific, which already operates a number of charity foundations.

"The Suh Kyungbae Science Foundation will focus on long-term research in the life sciences in projects that have never been considered before," Suh said.

"The foundation activities will be completely unrelated to the group's business operations, solely contributing to the nation's competitiveness in science. I am donating some 300 billion won now and aim to expand this to 1 trillion won in the future."

The foundation announced its first funding plan for November of this year, and is expected to receive applications in January and February next year. Beneficiary scientists will be announced next June.