Vice Minister of Economy and Finance: "Next Year's R&D Budget to Invest in Innovative Technologies such as Vaccines and Advanced Materials"

Ando-geol, 2nd Vice Minister of the Ministry of Economy and Finance, to Hold 'R&D and Innovation Project Budget Council' on the 26th

Ando-geol, Vice Minister of Strategy and Finance, delivering opening remarks at the 'Budget Consultation Meeting for R&D and Innovative Industries' held on the 26th at the Sejong National Research Complex. (Photo by Ministry of Strategy and Finance)

[Sejong=Asia Economy Reporter Moon Chaeseok] Ando Geol, Vice Minister of the Ministry of Economy and Finance, announced on the 26th that next year's research and development (R&D) budget will be intensively invested in innovative technologies such as vaccines and advanced materials to respond to the COVID-19 crisis.

On the same day in the afternoon, Vice Minister Ando visited the Sejong National Science and Technology Research Council and held a budget consultation meeting on R&D and innovation projects with the Ministry of Science and ICT, academia, research sectors, and industry.

At the consultation meeting, Vice Minister Ando said, "Next year's R&D investment will focus on four major areas: innovative technology development to respond to the COVID crisis, full-scale creation of results from Korean New Deal 2.0, preemptive investment in future frontier technologies, and revitalization of the science and technology development ecosystem."

The government will allocate next year's budget to vaccine development, securing advanced materials and production technologies for establishing the K-Global Vaccine Hub, expanding target technologies for self-reliance in materials, parts, and equipment, and advancing R&D investment in the BIG3 industries (biohealth, system semiconductors, and future cars).

Regarding Korean New Deal 2.0, the government will invest in big data construction, open data, utilization infrastructure technologies, advancement of 5G technology, and big data, artificial intelligence (AI), and metaverse technologies. Additionally, the budget will support renewable energy, carbon capture, storage, and utilization technologies, and the transition to low-carbon processes in high carbon-emitting industries.

Investment projects for future leading technologies such as quantum, space, and 6G will be discovered, and investment in training high-level and core science and technology personnel at the master's and doctoral levels will be significantly expanded.

The government plans to enhance R&D investment efficiency by expanding inter-ministerial collaborative projects and discovering civilian-military open science and technology cooperation projects. Emphasis will also be placed on expanding 'relay investment' that connects research and development outcomes to market results.

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