Last week, the Ministry of Science, ICT and Future Planning announced plans to increase the 2017 budget for science and technology by 7.6%, totaling KRW 15.3 ($13.6 billion). The funding increases are to help in establish startup companies and venture firms, develop culture content (i.e. film, music, theme parks) and bolster scientific R&D. The government aims to commercialize innovations in science and technology, and create new business opportunities by merging various industry sectors. KRW 30 million will be allocated to promising researchers, with KRW 4.7 trillion to be used for strengthening R&D, a 5.7% increase from 2015. In 2016, the nation’s R&D budget totaled KRW 19.43 trillion, with KRW 6.8 trillion allocated to the Ministry. The 17 innovation centers in the country will receive an extra 8.5% in funding in 2017, totaling KRW 607.2 billion. Strategic projects, such as the smart city model, artificial intelligence and virtual reality, will receive KRW 1.34 trillion, while the bio-industry’s budget will increase 10% to KRW 521.5 billion.

Source: Yonhap News Agency