Choo Kyung-ho: "Reorganized Inefficient R&D Budget... Significantly Increased AI and Semiconductor Funding"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated on the 26th that the next year's research and development (R&D) budget plan is intended to "address inefficiency factors."

At the National Assembly's Planning and Finance Committee audit held that day, in response to a question from Park Kwang-on of the Democratic Party of Korea about whether there is a plan to restore the R&D budget, Deputy Prime Minister Choo said, "The R&D budget has surged rapidly over time, but during this rapid increase, there were parts where inefficiency and wasteful factors were not properly managed," adding, "We will address those parts."

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is responding to a lawmaker's question at the National Assembly's Planning and Finance Committee audit on the 26th. Photo by Hyunmin Kim kimhyun81@

Deputy Prime Minister Choo further explained, "For reference, while adjusting the budget, we significantly increased the R&D budget for advanced industries such as artificial intelligence, semiconductors, and bio."

Rep. Park said, "I am 100% in favor of removing the bubbles. However, we must not commit the mistake of burning down the entire thatched cottage while trying to catch a louse. We must not kill the cow while trying to pull out the horn," pointing out, "There is no doubt that insufficient decisions are clearly taking root. If we just continue like this, it could cause bigger problems later."

In response, Deputy Prime Minister Choo said, "We have explained this intention several times, and there may be parts of the issues raised by the National Assembly and on-site that we have not fully considered during the process," adding, "We will listen carefully and review the issues raised during the National Assembly's review process."

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