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THE South Korean government has significantly increased its spending to above 7.0 per cent for technological research and development projects in 2015 from a year earlier, according to a recent data, with the science ministry being the top beneficiary.
Actually, according to the data revealed by the Ministry of Science, ICT and Future Planning of South Korea, the government financed 18.8 trillion won or $16.60 billion dollars for research and development in 2015 fiscal year, compared to 17.60 trillion won spent in 2014.
In 2015, the government invested in 54,433 projects from 639 businesses, with the science ministry accounting for 6.50 trillion won, followed by the Ministry of Trade with 3.40 trillion won and the Defence Acquisition Program Administration with 2.50 trillion won, the data disclosed. The government organizations made their biggest investment for state-run researchers, which accounted for 41.4 per cent of the fund, followed by universities with 22.60 per cent and small and medium-sized firms with 14.8 per cent. On the other hand, around 5.40 trillion won was spent on development projects, while another 38.40 per cent was allocated for conducting fundamental research and development.
Sherazur Rahman