State-backed R&D spending for 2023 to rise 1.7 pct at 24.7 tln won

SEOUL-- South Korea on Tuesday said that it finalized 24.7 trillion won (US$19.2 billion) in investments next year in various state-funded research and development (R&D) projects, to strengthen competitiveness in the semiconductor, secondary battery and other areas.

The budget, which represents a 1.7 percentage on-year increase, was confirmed in a meeting of the Presidential Advisory Council on Science and Technology held in Seoul, the Ministry of Science and ICT said.

The country has earmarked 1.96 trillion won for projects aimed at boosting competitiveness in the semiconductor, secondary battery and next-generation nuclear power plant sectors, up 7.7 percent from this year, according to the ministry.

It also plans to raise spending in the cutting-edge bio, aerospace and quantum computing-related fields by 11.2 percent to 2.4 trillion won.

South Korea has also raised planned investments to cultivate new science and technology talent by 4.7 percent to 556.2 billion won. It has also earmarked 1.57 trillion won to foster growth of startups, and small and medium enterprises, up 4.1 percent from this year.

The ministry added that 2.4 trillion won will be invested to promote digital transition projects in various fields, up 17.2 percent from this year.

Source: Yonhap News Agency

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