Samsung Group, South Korea's No. 1 conglomerate, said Monday it plans to to establish a foundation to bolster the country's growth engine in line with the government's push to cultivate economic development.

The Samsung Research Foundation, slated to open in June, will support research and development in basic science, materials engineering, and information and communication technology, the company said.

The group will inject 1.5 trillion won ($1.34 billion) by 2022, starting with 300 billion won this year. It nominated Choi Yang-hee, an engineering professor at Seoul National University, to head the envisioned foundation.

The project apparently is in line with President Park Geun-hye's "creative economy" vision that calls for using information technology as a main tool for economic growth.

The "creative economy," one of Park's key economic policies, calls for boosting the economy by creating new and inventive business opportunities and more jobs through the fusion of information technology with other sectors.

The foundation will receive applications for funding from researchers starting July and begin the program in November, following the project-selection processes by a panel of industry experts at home and abroad, the group added.

Samsung said the beneficiaries of the foundation will also be given legal rights to the outcomes of their research to encourage development activities. (Yonhap News)