Originally Budgeted at 4.9033 Trillion Won, Increased by 177 Billion Won
Industrial Technology R&D Innovation Plan to Be Announced in January Next Year
The Ministry of Trade, Industry and Energy announced on the 25th that it will publicize the '2024 Industrial Technology Innovation Project Integrated Implementation Plan.' This plan contains detailed project support plans for next year's research and development (R&D) budget under its jurisdiction, which has been finalized at 5.0802 trillion won.
Initially, the government's Ministry of Trade, Industry and Energy R&D budget was set at 4.9033 trillion won, nearly 770 billion won less than before. However, due to backlash from the industrial technology sector and worsening public opinion, the National Assembly increased the budget by 177 billion won during the review process. The government plans to announce the 'Industrial Technology R&D Innovation Plan' in January next year.
The key investment areas for next year's Ministry of Trade, Industry and Energy R&D budget are ▲maintaining the super-gap in six advanced strategic industries (semiconductors, displays, secondary batteries, future cars, bio, intelligent robots) ▲global R&D ▲training of personnel in advanced strategic industries ▲supply chain stabilization ▲new energy industries.
Additionally, 1.0984 trillion won will be concentrated on supporting the six advanced strategic industries. The materials, parts, and equipment (SoBuJang) R&D budget will also increase by 42.6 billion won (2.5%) to 1.732 trillion won. Global cooperation R&D will receive 46.8 billion won (20.9%) more, totaling 271.1 billion won, and 23.2 billion won (11.3%) more will be invested in nurturing future emerging researchers, totaling 229.4 billion won. Investments will continue at a scale of 720.5 billion won to develop next-generation nuclear power core technologies, restore the nuclear power ecosystem, and foster growth engines for new energy industries.
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