Science and Technology Sector Pacified by Yoon: "R&D Budget Will Be Raised Significantly"

Emphasizing R&D Budget Two Days in a Row Following Initial Work Report

President Yoon Suk-yeol stated on the 5th, "During my term, I will drastically increase the research and development (R&D) budget and fully support innovative and challenging R&D as well as the growth of future-generation researchers." This is interpreted as an attempt to appease the scientific community ahead of the general elections, following the government's decision to cut the 2024 R&D budget, which sparked backlash from the science and technology sector.

President Yoon attended the '2024 New Year's Meeting of Scientists and Information and Broadcasting Communication Professionals' held at the Korea Institute of Science and Technology (KIST) in Seongbuk-gu, Seoul, on the morning of the same day. The Presidential Office reported that he said, "South Korea has taken a new step toward becoming a 'first mover' in innovation." This event has been held annually since its inception in 1983 as a New Year's gathering for professionals in science, technology, information, and broadcasting communications.

[Image source=Yonhap News]

At last year's event, President Yoon presented a blueprint emphasizing that science and technology are directly linked to survival and that the government would support innovation. This year, he focused on R&D. The government reduced the R&D budget for this year by 4.6 trillion won (14.7%) compared to last year's main budget (31.1 trillion won), leading the science and technology community to raise concerns about the slowdown in R&D progress and issues related to research personnel wages. In response, President Yoon held the first government work report and public discussion on livelihood issues for 2024 at the Human Resources Development Institute in Yongin, Gyeonggi Province, the day before, stating, "R&D investments funded by taxpayers will be boldly reformed to enhance the national economy," and pledged, "I will increase R&D investment during my term."

He also introduced specific support directions and communication plans. President Yoon said, "In addition to strengthening investments in the three major future technologies?artificial intelligence (AI), advanced bio, and quantum?that countries worldwide are fiercely competing in, we will create high-quality, high-income jobs and actively foster upstream and downstream industries by providing R&D budgets and tax benefits as a package." Furthermore, he promised, "To communicate more closely with the science and technology field, I will establish a Chief of Science and Technology at the Presidential Office."

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