Kim Seongsu, Head of the Science and Technology Innovation Headquarters, Indicates Expansion of 2023 R&D Budget to 30 Trillion Won

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hye-min] Kim Seong-su, Director of the Science and Technology Innovation Headquarters at the Ministry of Science and ICT, stated on the 6th, "The R&D (Research and Development) budget for 2023 is currently set at 30 trillion won," indicating an expansion of the R&D budget.

Director Kim made these remarks during the '2020 Government R&D Project Joint Ministry Briefing' held at Soongsil University, referring to the 2019?2023 National Fiscal Management Plan.

According to the Ministry of Science and ICT, last year's government R&D budget increased by 4.4% compared to the previous year, marking the first time it surpassed 20 trillion won. This year, it rose by 18% from last year to 24 trillion won. Considering Director Kim's announcement, the R&D budget is expected to continuously reach new highs starting next year, exceeding 30 trillion won in three years. From 2016 to 2018, the budget growth rate was in the 1% range.

Regarding the government's policy to expand R&D investment, Director Kim explained, "With the Fourth Industrial Revolution leading rapid changes in the technological environment, competition among countries and companies to secure technological superiority is intensifying," adding, "This is an effort to proactively respond to such changes."

Director Kim stated that this year's budget will primarily focus on accelerating innovative growth. It will allocate 500 billion won to data, 5G (fifth-generation mobile communication) networks, and artificial intelligence (AI), and 1.7 trillion won will be invested in three core industries: system semiconductors, biohealth, and future vehicles.

Basic research, which allows for creativity, will receive 2 trillion won, an increase of 300 billion won from the previous year. Additionally, 400 billion won will be invested in nurturing talent in the Fourth Industrial Revolution fields. For disaster and calamity prevention, as well as responses to fine dust and climate change, 1.6 trillion won will be invested. The budget for 'material, parts, and equipment technology independence' to respond to Japan's export regulations has more than doubled from the previous year to 1.7 trillion won.

This content was produced with the assistance of AI translation services.