Korea Boosts R&D Budget, Targets Economic Growth

The Korea Herald newspaper reports today that the Korean government plans to increase the budget for its Ministry of Knowledge Economy by 7 percent in 2011 to KRW 4.5 trillion (USD 3.9 billion), with most of the funds going to research and development that benefits sustainable economic growth.

The plans released today show substantial increases for technologies with greater economic payoffs, such as robotics, medicines, and environmentally-friendly automobiles. Other technologies receiving budget increases include advanced materials and software. The ministry also plans to spend KRW 90 billion (USD 784.5 million) on developing small and medium-sized businesses.