South Korea has announced plans to increase spending on embryonic stem cell research from KRW 40.2 billion ($32.4 billion) this year to KRW 120 billion by 2015. During the next two years, the country will subsidize the stem cell research of 20 research labs with KRW 500 million to KRW 1 billion in funding. Selected labs will then receive KRW 1-2 billion per year for a three-year period. In addition, KRW 14.5 billion will be allocated to create a stem cell bank, and for equipment and facilities for clinical testing. To develop technology for induced pluripotent stem cells, the government plans to spend KRW 29.5 billion in funding. Funding of KRW 13 billion will be allocated to develop stem cell-based drugs.

Source: The Korea Times