Seoul:<Text>
President Lee Jae Myung announced on Friday that the government has earmarked an unprecedented 35.3 trillion won (US$25.2 billion) for research and development (R&D) in the coming year, with the goal of advancing South Korea's technology sector.
According to Yonhap News Agency, Lee shared his vision during a plenary session of the Presidential Advisory Council on Science and Technology. The 2026 R&D budget represents a significant 19.3 percent increase from this year's 24.8 trillion won and is set to be presented to the National Assembly for approval.
Addressing past concerns, Lee noted, "There have been some misunderstandings about the R&D budget and a few issues that caused fluctuations (in its allocation), but it is now returning to a normal growth trend." He emphasized the budget's potential to mark a new era of advancement for South Korea.
The budget hike comes after reductions in R&D spendin g during the previous Yoon Suk Yeol administration, which raised alarms about the country's diminishing competitiveness and potential harm to its foundational research framework.
Lee affirmed his commitment to shifting priorities, underlining the importance of substantial investment in scientific research and cutting-edge industries as crucial to overcoming sluggish growth and intricate economic hurdles. "There are many areas of work, but the future of the nation is determined by how much investment and attention are given to the field of science and technology," he stated.