[2023 National Audit] Choo Kyung-ho "R&D Budget Excessively Increased... Adjusting Fragmented Execution"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho criticized the cut in next year's research and development (R&D) budget for the science and technology sector on the 19th, saying, "We should have distinguished between the wheat and the chaff and increased the budget where necessary, but in fact, we have expanded it extensively in many areas over time."

At the Ministry of Economy and Finance's National Assembly audit held at the Sejong Government Complex that day, Choo made these remarks in response to Rep. Ko Yong-jin of the Democratic Party of Korea's criticism that "South Korea's national R&D investment has been drastically cut for the first time in 30 years."

Choo emphasized, "It took 11 years for our science and technology budget to increase from 10 trillion won to 20 trillion won, but only 3 years to go from 20 trillion won to 30 trillion won. While some of the increases were understandable due to their importance, the budget was expanded too rapidly and excessively."

He added, "For several years, issues have already been raised through the Science, Technology, Information and Broadcasting Committee in the National Assembly. There has been excessive investment in short-term urgent projects, and the performance of funded research institutes has been poor, which has been pointed out by both ruling and opposition party members alike, accumulating over time."

Choo further explained, "I thought it was necessary to reorganize fragmented budgets that are distributed in a piecemeal, scattergun, and closed manner. We have readjusted the budget within a broad framework to increase proper, challenging, innovative, and strategic R&D."

[Image source=Yonhap News]

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