Ministry of Science and ICT's Budget for Next Year 18.3 Trillion Won... 600 Billion Won Cut
"Eliminate Inefficient Institutionalized Practices"
The Ministry of Science and ICT's budget for next year has been revealed to be 18.3 trillion won, reduced by 600 billion won from this year's 18.9 trillion won.
On the 30th, the Ministry of Science and ICT announced that the 2024 budget was finalized through restructuring inefficient and habitual projects. Earlier, the government confirmed the total national R&D budget for next year at 25.9 trillion won, which is 5.2 trillion won less than this year's 31.1 trillion won. However, among the reduced amount, 1.8 trillion won was reclassified from R&D to general fiscal projects, so the actual decrease is about 3.4 trillion won (-0.9%).
The Ministry of Science and ICT's R&D budget was also organized in line with this, decreasing by 1 trillion won from this year's 9.8 trillion won to around 8 trillion won. First, 2.4 trillion won will be spent on 12 strategic technologies. 1.1 trillion won is allocated for international cooperation and overseas expansion support, 2.8 trillion won for nurturing science, technology, and digital talents, and 1.3 trillion won for digital diffusion. Additionally, 4.3 trillion won was designated for government-funded research institutes and enhancing regional innovation capabilities. For postal services, considering the rise in interest rates, 4.6 trillion won will be spent, an increase of 800 billion won compared to this year.
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Minister Lee Jong-ho of the Ministry of Science and ICT stated, “This year’s budget plan focuses on eliminating inefficiencies, creating growth engines through world-class research, and nurturing talents who are the core of national competitiveness.” He added, “By securing innovation capabilities through global solidarity, excellent researchers will be able to conduct innovative research through national R&D, and we will expand support for genuine R&D regardless of success or outcomes.”
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