Korea ranks 2nd in ICT business R&D investment

South Korea ranked second among Organization of Economic Cooperation and Development economies in terms of research and development investment in the information, communication and technology businesses, a recent report showed.

The Organization for Economic Cooperation and Development’s Internet Economy Outlook 2012 released on Sunday showed that Korean companies in the ICT sectors invested 1.48 percent of the nation’s GDP in R&D.

Asia’s fourth-largest economy came in third after Finland, which invests 1.62 percent of its GDP in ICT business R&D, and Taiwan, which spends 1.52 percent of its GDP in the sector. Korea therefore comes in second among OECD nations as Taiwan is not a member country. Only four countries, including Korea, Finland, Taiwan and Israel (1.14 percent) a invested more than 1 percent of the nations’ GDP in ICT R&D, according to the report.

For full article, see Korea Herald.