On Wednesday, South Korea’s Ministry of Science and ICT announced that it has proposed a 3.2 percent reduction in its budget for the upcoming year. This is part of a government-led effort to eliminate wasteful spending in the science and technology sectors.
The proposed budget for 2024 is 18.3 trillion won (US$13.8 billion) and is intended to support the development of core strategic technologies, facilitate international scientific cooperation, cultivate young professionals in the science and digital fields, promote digital transformation, and enhance the capabilities of state-funded research centers.
The 10.2 percent decrease in the ministry’s 8.8 trillion won R&D budget was a major factor in the overall reduction. This is in line with the government’s comprehensive review of subsidies for R&D projects provided by state-run research centers and institutions.
The ministry has allocated 2.4 trillion won for investing in 12 strategic technologies, including advanced bio, AI, and space science. Additionally, 1.1 trillion won has been set aside for international cooperation, 2.8 trillion won for training science and digital experts, and 1.3 trillion won for constructing digital and AI-based infrastructure. Finally, 4.3 trillion won has been allocated for state-run research centers and local development projects.
The ministry described the 2024 budget as an attempt to “create new growth momentum and nurture top talents through removing inefficiencies in world-class R&D.”
The logo of the Ministry of Science and ICT (PHOTO NOT FOR SALE) (Yonhap)
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