Confirmed, an increase of 294.9 billion won from the previous year
The total government R&D budget exceeded 30 trillion won for the first time ever
Ministry of Science and ICT logo
The budget and fund management plan of the Ministry of Science and ICT for 2023 was finalized to a total of 18,868.6 billion won, an increase of 1.59% (294.9 billion won) from the previous year. Intensive support will be provided for future technologies such as semiconductors and projectiles as well as basic research support and talent training.
In addition, the government’s total research and development (R&D) budget in 2023 was tallied at 30.7 trillion won, an increase of 3.0% (regarding 900 billion won) from the previous year, exceeding 30 trillion won for the first time in history.
On the 24th, the Ministry of Science and ICT announced the 2023 budget and fund management plan and the total government R&D budget.
The Ministry of Science and ICT will invest KRW 18,868.6 billion in budget and funds to be invested in 2023 in four key areas of investment: ‘preoccupying future innovative technologies’, ‘nurturing talent and supporting basic research’, ‘full-scale digital innovation’, and ‘technology that makes everyone happy’ It will be largely divided into the field of ‘realization of diffusion’.
About 2.2 trillion won will be invested in preoccupying future innovative technologies, up 14.2% from the previous year. Improvement of aging public semiconductor research facilities and establishment of low-power, high-capacity data centers using domestic artificial intelligence semiconductors are promoted. In addition, it will focus on developing next-generation small module reactors (SMRs), quantum technology, advanced biotechnology, and next-generation launch vehicles.
About 7.8 trillion won will be invested in talent development and basic research support, up 6.6% from the previous year, and 1.9 trillion won, up 10.4% from the previous year, in digital innovation, such as automating public work processes. It plans to invest regarding 6.7 trillion won, up 10.5% from the previous year, in the field of technology diffusion that makes everyone happy, including the expansion of the ‘digital learning center’ and the strengthening of information accessibility for the underprivileged.
Government Total Research and Development (R&D) Budget by Year
Source: Ministry of Science and ICT
Meanwhile, the total government R&D budget in 2023 was tallied at regarding 30.7 trillion won, an increase of 3.0% (regarding 900 billion won) from 2022, surpassing 30 trillion won for the first time. The government’s R&D budget for 2023 is focused on space technology, semiconductors, artificial intelligence, next-generation nuclear power plants, clean energy, and resource circulation.
Minister of Science and ICT Lee Jong-ho said, “The budget for 2023 will be used to lay the foundation for realizing state affairs and to secure national strategic technologies that can gain an edge in global technology competition.” “Overcoming difficult economic conditions and solving social problems We will do our best to contribute to the development of technology.”
