Boosting Science and Technology Research Investment: Gov’t Pledges 100 Billion Won Injection

In a recent communication from the members of the presidential office, it has been disclosed that the government is preparing to allocate a substantial 100 billion won ($75 million) towards science and technology research. This notable investment forms part of a new strategic research program aimed at advancing the country’s capabilities in this field.

The decision to dedicate such a significant sum to research projects represents the government’s response to the critique it faced for implementing considerable cuts in the research and development budget this year. With a reduction of 16.6 percent from the previous year, this action had generated dissatisfaction within the science and technology industry. Nevertheless, the government is now seeking to reverse this trend by bolstering its investment in the sector starting from the next year.

One of the primary changes accompanying this investment is the establishment of a leading global strategy research team, tasked with overseeing the allocation of the substantial funds into promising research initiatives. The aim is to shift away from the present evenly distributed subsidies among state-invested research institutes, which operate under stringent regulations, to a more selective approach, focusing on projects with the potential for world-class achievements.

Furthermore, the government is also set to deregulate its funded research institutes, liberating them from the constraints imposed by the Ministry of Economy and Finance. This action is anticipated to provide these institutes with more autonomy in recruitment, salaries, and staff numbers, allowing them to create a more appealing work environment and retain talented researchers.

To further bolster the advancement of the science and technology sector, the government intends to expand its presidential scholarship program to include graduate students, in addition to the current support for undergraduate students in science and engineering fields. Furthermore, there are plans to establish a special science cluster and lift development restrictions in the surrounding area to stimulate corporate investments.

These recent developments form part of a series of initiatives by the government to enhance the country’s research and development landscape. Notably, a new senior secretary post for science and technology has been established, and Park Sang-ook, an associate professor of science policy at Seoul National University, has been appointed to the role. Under Park’s guidance, the presidential office will also appoint four new secretaries dedicated to research and development reform, digital technology, biomedical technology and future strategy.

The commitment to allocate 100 billion won to science and technology research reflects the government’s dedication to driving innovation and progress in these critical fields. As the impact of this investment unfolds in the coming years, it is expected to catalyse new discoveries, breakthroughs, and technological advancements that will benefit the nation and the wider world.