Korea government approves $10.4b for R&D

2013_08_RnD_budgetThe government has decided to invest 11.7 trillion won ($10.4 billion) in research and development, of which 3.9 trillion won will be allocated to help realize the Park Geun-hye administration’s ambitious “creative economy” initiative. While the overall budget for R&D next year is a 2.2 percent increase from this year, the amount set aside for “creative economy” is up 5.9 percent.

Even within the creative economy budget, the government has allocated 1.1 trillion won to not only support the competitiveness of start-ups and small and midsize companies, but also develop information communication technology and software convergence. That is nearly 27 percent more than this year’s budget. Additionally, the budget for public safety research and development, such as protection of personal information, as well as natural disasters and social problems such as food and medical safety have increased 16.2 percent from this year’s budget to 640.7 billion won.

For full article, see Joongang Daily.

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