According to Yonhap News,

(SEOUL = Yonhap News) The Korean government will invest KRW 17.7385 trillion in research and development (R&D) projects in 2014, the Ministry of Science, ICT and Future Planning (MSIP) announced yesterday. The budget is up by KRW 1.862 trillion from the initial government estimate, and 5.1 percent from that of last year.

The government will channel KRW 5.2691 trillion in R&D projects to support startup companies, strengthen the competitiveness of small and medium-sized enterprises, promote convergence between information communication technology and software and discover new markets and industries. The budget for such projects, which are regarded as key segments for the nation’s creative economy initiative, was increased by 13.5 percent compared to the previous year.

It will also allocate KRW 622.8 billion, up 16.3 percent from the previous year, to improve public security, provide more benefits to vulnerable social groups and resolve other social problems. The R&D budget for tackling social issues including internet and game addiction, noise between floors of residential buildings and sex crimes was increased by 161.5 percent, to KRW 23.8 billion this year.

The biggest budget of KRW 6.839 trillion was allocated to MSIP, which is expected to push ahead major business projects including the International Science & Business Belt (ISBB) project and Korea Development Agency-type projectile project. The budget for the ISBB rose by 179.8 percent, to KRW 210 billion.

The Ministry of Trade, Industry & Energy and Defense Acquisition Program Administration received KRW 3.2499 trillion and 2.3275 trillion, respectively. The sum of R&D budgets of three ministries accounts for 65 percent of the entire R&D budget.

The budget for the Korea Meteorological Administration was dramatically increased, by 32.9 percent, to KRW 1.249 trillion, allowing the administration to invest in R&D projects to tackle such current issues as climate change. The Ministry of Environment will receive KRW 293.2 billion, up by 11.5 percent from that of last year.

The MSIP expects the government to give weight to investment in fundamental research projects this year and increase its investment by 1.8 percent, to 37.2 percent.

“It is very meaningful that the government plans to further expand its investment in R&D fields despite current financial difficulties,” said Choi Mun-Kee, Minister of the MSIP. “The ministry will try hard to encourage Korea’s science and technology to take the leading role in realizing a creative economy and happiness for people.”