This month, the South Korean government approved the “2016 Government R&D Project Budget Allocation and Arrangement.” The government plans to spend $11.2 billion on R&D projects next year, a reduction of 2.3%. The budget bill applies to 373 projects run by 19 departments. Despite the overall drop in R&D funding, the budget for small and medium-sized companies will increase 1.4% to $1.2 billion.

Source: Business Korea