S.Korea will invest $5.3 billion in science research and development by 2023

S.Korea will invest $5.3 billion in science research and development by 2023.

Seoul: South Korea will invest 6.7 trillion won ($5.3 billion) in research and development in 2023, as the nation is seeking to secure the most important emerging technologies to create growth engines for the future in the field of science, the ministry of science announced on Sunday.

The Ministry of Science and ICT announced that the budgeted amount was the equivalent of a 3.9 percent increase over 2021.

Of the total, around 3.4 trillion won were put aside for crucial new technologies in the future, like artificial intelligence systems, semiconductors, advanced biotechnology and wireless networks of 6G, according to Yonhap, the news organization.

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Space projects in the near future including three launches of Nuri, the first space rocket made by its own, in the first quarter of the year to come and are on time.

The ministry announced that it would spend 2.1 trillion won on encouraging basic research in order to help young researchers in the AI, aerospace and semiconductor fields and also establish an innovative research center that is run by the government.

S.Korea will invest $5.3 billion in science research and development by 2023

The sum of 461.8 million won are expected to be invested in developing infrastructure for science, while ministers will allocate 327.9 billion won to develop high-quality human resources in the area.

The ministry of science and technology said that the government would create an innovative R&D system designed to help businesses to participate in risky projects in the technology and science sector starting from the beginning, and then commercialize the results of research.

The South Korean government has announced its long-term plan to give an uppermost priority to the promotion of R&D and to promote 12 crucial technologies, including displays and semiconductors, rechargeable batteries, as well as advanced mobility to increase the nation’s involvement in the significant industry.



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