The South Korean government has announced a significant increase in its research and development (R&D) budget for the upcoming year. According to the Korean Science Ministry, the country will allocate 24.8 trillion won ($17.9 billion) for R&D in 2024, with a focus on emerging technologies.
Targeting key areas for innovation
The ministry further stated that 3.5 trillion won will be directed towards three key areas: artificial intelligence chips, advanced biotechnology, and quantum technology. These investments are aimed at driving national innovation. Additionally, 2.94 trillion won will be set aside for basic research, and 2.4 trillion won will be dedicated to cutting-edge technologies, such as semiconductors and next-generation communications.
Increased investment in the space sector
Notably, the government announced that it will invest more than 1 trillion won in the space industry for the first time. This investment comes as South Korea recently launched its new space agency, the Korea AeroSpace Administration (KASA), which will be responsible for formulating the country’s space policy and contributing to the growth of the space sector.
KASA began operations in May with a workforce of around 110 people, including public officials who have been transferred from the science ministry and other government agencies. Additionally, the agency plans to gradually expand its staff to a total of 293 employees.
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Securing the chip industry’s competitive edge
In a separate development, South Korea’s President Yoon Suk Yeol announced a 26 trillion won ($19 billion) support package for the country’s chip industry. Moreover, this initiative is aimed at helping the sector maintain its competitive edge in areas such as chip design and contract manufacturing, as the global semiconductor market becomes increasingly competitive.
Furthermore, the support package includes financial programs, research and development (R&D) initiatives, and infrastructure support for chip manufacturers, material suppliers, and companies specializing in chip design.
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