The South Korean National Science and Technology Council’s 2015 budget has raised R&D funding by 2.3% to $12.3 billion as part of an initiative for more public-private partnerships. The nation’s R&D budget accounted for 1.14% of GDP in 2013. A major investment area for the increased R&D funds, basic research, will gain 4.2% to reach KRW 1.039 trillion ($961 million), will be. The government plans for basic research to make up 38% of R&D spending in 2015 and 40% in 2017. Research funding for safeguards against natural disasters will increase 13.7% to KRW 668.5 billion. Small- and midsize-business–development R&D funding will grow 7.4% to KRW 1.317 billion and will be used to strengthen partnerships with international firms. A total of KRW 1.072 trillion will be allotted to developing new sources of industrial growth, such as carbon fiber and communications infrastructure.

Source: Nikkei