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Korean Government to Invest 4 Trillion Won on Science, Technology, ICT R&D
Future Investment
Korean Government to Invest 4 Trillion Won on Science, Technology, ICT R&D
  • By Jack H. Park
  • January 5, 2015, 03:15
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This year the Ministry of Science, ICT and Future Planning will invest 3.9520 trillion won (US$35.78 billion) in research and development (R&D) on areas of science and technology and Information Communications Technology (ICT).

The MSIF announced on Jan. 4 that it has confirmed the “R&D Business Comprehensive Implementation Plan,” which invests 2.9037 trillion won (US$2.63 billion) in Science and Technology and 1.0484 trillion won (US$949.12 million) in ICT.

The investment scale this year, which excludes research and operating expenses of the National Research Council of Science and Technology and research institutes under the direct control from its total R&D budget of 6.5138 trillion won (US$5.9 billion), is to grow 7.9 percent compared to last year.

By sector, technology development accounts for the largest part of the budget with 2.2508 trillion won (US$2.04 billion), following basic research with 744.3 billion won (US$673.88 million), foundation construction with 640.2 billion won (US$579.63 million), commercialization and standardization with 161.7 billion won (US$146.4 million), and science and technology and ICT manpower training with 155 billion (US$140.33 million).

By project, technology development in ICT will receive the highest funding at 772.3 billion won (US$699.23 million), following basic research at 744.3 billion won (US$673.88 million), source technology development at 562 billion won (US$508.83 million), creation of international science business belt at 440.5 billion won (US$398.82 million), space technology development at 373.8 billion won (US$338.43 million), and nuclear power research development at 314.6 billion won (US$284.83 million).

Also, the total of 228.1 billion won (US$206.52 million) will be invested in research on nuclear fusion, while 143.9 billion won (US$130.29 million) will be invested in foundation construction in the ICT, 118.7 billion won (US$107.47 million) in creating cooperation between academia and industry, commercialization and technical commercialization, 55.8 billion won (US$50.52 million) in science technology globalization, and 28.4 billion won (US$25.71 million) in ICT standardization.