Ministry of Science and ICT's Budget for Next Year 18.8 Trillion Won... Research and Development Surpasses 30 Trillion Won for the First Time

[Asia Economy Reporter Kim Bong-su] The Ministry of Science and ICT announced on the 24th that the total budget and fund size for 2023 has been confirmed at 18.8686 trillion KRW.

This is an increase of 294.9 billion KRW (1.59%) compared to this year's 18.5737 trillion KRW. The budget will be used for the Ministry of Science and ICT's four major investment areas: securing future innovative technologies, nurturing talent and supporting basic research, full-scale digital innovation, and realizing technology dissemination that makes everyone happy.

Next year's total government research and development (R&D) budget will increase by 900 billion KRW from 29.8 trillion KRW in 2022 to 30.7 trillion KRW, surpassing 30 trillion KRW for the first time. It will focus on investing in ultra-gap technologies and future challenging technologies that lead innovation, such as space, semiconductors, artificial intelligence, quantum, secondary batteries, advanced bio, and next-generation nuclear power. Based on technological innovation in clean energy, low-carbon ecosystems, and resource circulation, it will support the green transition and expand investments to promote digital transformation in industrial and public sectors and nurture future core talents.

Minister Lee Jong-ho of the Ministry of Science and ICT stated, “The 2023 budget will lay the foundation for realizing national tasks and securing national strategic technologies that can gain an advantage in global technological competition.” He added, “We will do our best to ensure that the outcomes of technology development lead to innovations that contribute to overcoming difficult economic conditions and solving social problems.”

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