State-run Research Institutes Told to Cut Budget
The South Korean government told 25 government-funded research organizations and the National Research Council of Science and Technology to cut their budget by 66 billion won. This means the government is reducing investments for the future to offset its recent emergency spending related to COVID-19.
Each ministry of the government was told on May 28 to return approximately 500 billion won out of this year’s budget. The Ministry of Science and ICT is no exception and it is currently taking 400 billion won out of its unspent budget. This money includes the 66 billion won portion allocated to the 26 research organizations.
The 25 government-funded research organizations are planning to return their budget within 6 percent of government investments. The organizations cover a wide variety of technological fields, ranging from original component and equipment development and information and communications technology to biotechnology and aerospace.
The National Research Council of Science and Technology is currently working to reduce its convergence research project budget by 6.8 billion won from 40.4 billion won. The project is to address national issues and create new industries based on cooperation of the 25 government-funded research organizations.