The Ministry of Science, ICT and Future Planning (MSIP) has announced that South Korea’s 2014 R&D budget will be KRW 11.7 trillion ($10.4 billion). The amount includes KRW 3.9 trillion ($3.5 billion) for Korea’s “creative economy” initiative. An increase of 26.7% to KRW 1.1 trillion will be allocated for startups and small- and medium-size enterprises (SMEs) and to support the integration of information and communications technology. Technology development at SMEs will grow 35.3% to KRW 11.5 billion. Science and technology systems will be improved and restructured with KRW 3.8 trillion from the government. The government will directly fund research integration and SMEs at KRW 78.7 billion and KRW 110 billion, respectively. The country’s food and pharmaceutical safety budget will jump 21.1% to KRW 76.3 billion. The budget also allocates KRW 348.8 billion for experienced researchers and KRW 188.4 billion for a basic science research center. Seven ministries and agencies will receive KRW 46.2 billion to encourage R&D collaborations among the ministries. The MSIP and the Ministry of Trade, Industry and Energy will receive KRW 17.9 billion.

Source: Invest Korea