Korea’s private sector research and development spending is expected to surpass the 41 trillion won ($36.4 billion) mark for the first time ever, a report by a local industrial association said Monday.
The Korea Industrial Technology Association report based on a poll conducted on 607 companies engaged in R&D work showed spending likely to go up 8.4 percent on-year to 41.05 trillion won.
Of the total to be spent, money earmarked by large conglomerates is expected to rise 8.9 percent compared to the year before to 31.76 trillion won. Money to be allocated by small and medium enterprises is likely to gain 6.6 percent to more than 9.29 trillion won.
KOITA said that R&D investment growth forecast for 2012 represents a marginal 0.2 percentage point gain from the year before.
For full story see Korea Herald.