Hyeon Ju appointed 22nd President of KIET

At the vanguard of Korea's balanced national development policy, KIET relocates from Seoul to the adminitrative capital of Sejong City and enters a new era as a leading industrial policy hub

Established the Center for Balanced National Development as a department-level research division in accordance with the Special Act on Balanced National Development to study balanced national devleopment and regional policy

Established a division dedicated to research on the development of new, knowledge-based industries and transforming existing industries into knowledge-intensive industries. This was done help the country overcome the 1997 foreign exchange crisis as well as to promote economic growth and job creation

Renamed the Korea Institute for Industrial Economics and Trade, KIET began focusing research efforts on the Japanese and U.S. economies amid an ongoing industrial expansion, and promoted increased awareness of the importance of trade and commerce

Re-launched as Korea Institute for Industrial Economics and Technology (KIET) through the merger of Korea International Economic Institute (KIEI) and Korea Science and Technology Information Center (KORSTIC)

KFMES' strong performance led the government to expand its research operations to study Africa, Central and South America, Asia, and Europe. To reflect its new mission, the organization was rechristened as the Korea International Research Institute

This organization originally began life as the Korean Foundation for Middle East Studies (KFMES) in response to the first lobal oil shock, which had profound reverberations across the developed and developing worlds