Korea to invest W4.12 tril. in R&D for 12 strategic technologies in 2023

October 29, 2022

Korea will funnel 4.12 trillion won ($2.9 billion) into research and development next year to promote 12 selected strategic technologies as part of the country’s long-term future growth plan, the science ministry said Friday.

The Ministry of Science and ICT said in a report released at a meeting with President Yoon Suk-yeol that it has picked 12 strategic technologies to focus its capacity and efforts on in order to maintain growth momentum in the influential and emerging sectors.

The 12 technologies are semiconductors and displays, rechargeable batteries, advanced mobility, next generation nuclear power, advanced biology, aerospace and ocean engineering, hydrogen, cybersecurity, artificial intelligence, next generation communications, advanced robotics and quantum technology.

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It said 4.12 trillion won has been set aside for the project next year, up from 3.74 trillion won in 2022.

Local companies and organizations who are engaged in RD and international cooperation projects related to the 12 technologies and train top-level human resources in the fields will be funded by the government.

The ministry will help them pass state-led preliminary economic feasibility studies through a fast-track process, it added.

“As the strategic technologies will affect our country’s fate, the government will do its utmost to lead future growth and secure technology sovereignty,” Science Minister Lee Jong-ho said. (Yonhap)