Korea ICT Ministry to Invest 3.35 Billion in R&D

The Ministry of Science, ICT and Future Planning will set aside $3.35 billion ($3.94 trillion) to fund research and development projects for science, technology and information and communications technology in 2016. Around 2.96 trillion will be invested in the science and technology sectors while the remaining 980 billion won will be spent on ICT projects.

First and foremost, the ministry will try to foster projects to develop original technologies in emerging areas, such as those for bio- and nanotechnologies, autonomous vehicles and space technologies. It will also focus on supporting research for convergence technologies, such as those combining the “Internet of Things”? Internet-connected products? and big data.

The investment will also be used to encourage small and medium-sized enterprises in ICT R&D. Pledging to complete the construction of the International Science and Business Belt, a massive science park in Daejeon, along with research labs across the nation, without glitches, the ministry also vowed to beef up the R&D infrastructure for local universities and private research centers.

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