Korea’s Ministry of Education, Science and Technology has announced the “577 Initiative,” under which the government plans to increase R&D funding to 5% of GDP within five years to make the country one of the seven science and technology leaders worldwide. Seven industries will be targeted, including semiconductors, automobiles and machinery. In addition, health care and software will benefit. From 2008 to 2012, KRW 66.5 trillion ($64.2 billion) will be allocated to R&D, a 66% increase from 2003–2007 funding. Private sources will contribute the remainder of the funding, encouraged by tax breaks. The government also plans to raise spending on basic research from 26% to 50%.

Source: Korea.net