The science ministry said Thursday it will set aside 24.8 trillion won (US$17.9 billion) for its research and development (R and D) budget next year, allocating increased funding for artificial intelligence, bio and quantum projects.
Under the plan, the government will funnel 3.5 trillion won into three areas next year — artificial intelligence chips, advanced biotechnology and quantum technology — that can foster national innovation, according to the Ministry of Science and ICT.
For basic research, 2.94 trillion won will be set aside, and another 2.4 trillion won will be for cutting-edge technologies, such as semiconductors and next-generation communications.
The ministry said the government will also invest more than 1 trillion won in the space industry for the first time to help the country become a global space power.
The R and D budget is set to increase by 13.2 percent compared with this year but is similar to the level in 2023, when the government slashed related funding despite opposition from t
he science and technology communities.
The presidential office said the proposed increase is far above the average budget increase for next year, estimated at about 4 percent, underscoring the importance of support for advanced science and technology.
“The proposal will be finalized in late August when the government completes the allocation of the annual budget,” Park Sang-ook, presidential secretary for science and technology, said in a press briefing.
The final amount will be confirmed after receiving approval from the National Assembly.
Last month, the government announced plans to scrap all preliminary feasibility studies for R and D projects to keep up with the rapidly changing technologies and expedite their implementation.
Source: Yonhap News Agency