National Strategic Technology Budget Increased by 3.4 Trillion Won Focused on 7 Major National Strategic Technologies
Focused Investment in Next-Generation Growth Engines and Securing Ultra-Competitive Technologies
The Ministry of Science and ICT announced on the 29th that the national strategic technology budget for this year has been finalized at 5 trillion won, an increase of 300 billion won compared to last year, as approved by the National Assembly last month.
According to the Ministry of Science and ICT, the major R&D budget for 2024 will focus on national strategic technologies to secure next-generation growth engines and ultra-competitive technologies in key industries, aiming for Korea's technological independence and sovereignty establishment. In particular, the budget is organized in line with President Yoon Suk-yeol administration's national philosophy, including concentrated investment in world-class innovative research and development and strengthening the nurturing of future generations to lead Korea.
By the seven major technologies, the budget allocation is as follows: 636.2 billion won for semiconductors, 777.2 billion won for artificial intelligence (AI), 977.2 billion won for advanced bio, 190.4 billion won for cybersecurity, 125.2 billion won for quantum technology, 136.4 billion won for secondary batteries, and 836.2 billion won for space.
The Ministry of Science and ICT explained that even for strategic technologies, if budgets have recently increased significantly or execution has been sluggish due to short-term issues such as materials, parts, equipment, or infectious diseases, budget efficiency measures have been pursued. Additionally, inefficiencies accumulated in R&D over time, such as subsidy-like distribution projects for companies and underperforming projects, have been boldly restructured.
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Joo Young-chang, Director of the Science and Technology Innovation Bureau at the Ministry of Science and ICT, stated, "Although the financial conditions are difficult due to domestic and international uncertainties, we will continue efforts to expand investment in national strategic technologies to respond to the global technological hegemony competition and the securitization of science and technology policies."
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