Korea to pump $19.2Bn in science research and development in 2023

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The South Korean government has revealed plans to invest around 24.7 trillion won ($19.2 billion) into research and development effort in 2023, an increase of 1.7% yearly, said the Ministry of Science and ICT.

The R&D budget will focus on the three pillars of solidifying strategic investment for developing core technologies, achieving digital transformation, and working towards carbon neutrality.

The ministry says it plans to invest around 1.1 trillion won ($847 million), a 7.7% increase per year, into supporting the leading technologies of the display, secondary battery, semiconductor, hydrogen, next-generation nuclear energy, and 5G, 6G networks.

The display and semiconductor sectors are expected to receive nearly 500 billion won ($385 million), almost half of the overall investments in fundamental technologies.

The state investment in next-gen nuclear power technology is expected to increase 50% annually to around 29.7 billion won ($22 billion).

President Yoon Suk-yeol pledged to recover the country's nuclear power sector, calling the earlier Moon Jae-in administration's nuclear inactivating policies imprudent.

Joo Young-chang, the vice-minister for science, technology, and innovation, Science Ministry, says that as this is the very first year of the R&D budget, the state affairs based on the research and development investments will be implemented along with a collaborate with related ministries for supporting the economic growth so that the public could witness the impact of these new accomplishments.

The ministry is also planning to transfer a larger bulk of 2.4 trillion won  to secure future-challenging scientific technologies in aerospace, biopharmaceuticals, artificial intelligence, robot, and cybersecurity sectors.

Additionally, for supporting forthcoming R&D talent and support the basic science studies, around 3 trillion won is expected to be assigned for next year's investment plan.

The ministry is also planning to administer 1.57 trillion won to hasten the growth of startups and SMEs (small and medium enterprises).

Source Credit - https://www.koreaherald.com/view.php?ud=20220628000638