2% Less
The government has decided to invest 12.638 trillion won (US$11.18 billion) in the nation’s research and development (R&D) projects next year. The figure is a 2.3 percent decrease from 12.935 trillion won (US$11.45 billion) this year.
Despite a smaller budget in total R&D, the government said that it will increase investment in the disaster and safety sector by 11.2 percent from this year, and also increase budget for small and medium-sized companies by 1.4 percent, strengthening “selection and concentration” in the R&D sector.
The Ministry of Science, ICT and Future Planning announced that its “2016 Government R&D Project Budget Allocation and Arrangement“ was reviewed and confirmed during the 9th National Science and Technology Council presided over by Prime Minister Hwang Kyo-ahn and Co-chairman Lee Jang-moo at the Government Complex Seoul on July 10.
It is a budget bill for 373 major R&D projects of 19 governmental departments among the nation’s R&D projects next year, excluding national defense, humanities, and social science.
In a bid to strengthen the technology innovation capabilities of small and medium-sized companies, the government has decided to expand R&D in the sector. It will increase the support to 1.3821 trillion won (US$1.22 billion) and inject 102.4 billion won (US$90.61 million) into “smart manufacturing,” that integrates information communication technology (ICT) and a whole production process of small and medium-sized companies.