Seoul: South Korea's science ministry announced plans to allocate 8.12 trillion won (US$5.6 billion) this year for research and development in science and information and communications technology.

According to Yonhap News Agency, the budget for 2023 marks a 25.4 percent increase from the previous year, with 6.44 trillion won dedicated to science and technology and 1.68 trillion won earmarked for ICT. The expanded budget aims to stimulate innovation-led growth in response to global economic challenges and prolonged low growth, and to advance South Korea's goal of becoming a leading global power in artificial intelligence.

In the field of science and technology, the government plans to boost investment in emerging technologies, such as biotechnology and quantum science. Additionally, there will be a focus on strengthening core technologies to maintain a competitive advantage in key sectors like semiconductors and secondary batteries.

For the ICT sector, the ministry intends to enhance funding for AI-driven transformation. This includes developing AI transformation engines and initiatives to train highly skilled AI professionals, underscoring South Korea's commitment to advancing its capabilities in artificial intelligence.