Yoon Attends New Year's Meeting with Science and Technology Experts
Strengthening Investment in Three Major Future Technologies: AI, Bio, and Quantum
Promises Package Support for R&D Budget and Tax Benefits
President Yoon Suk-yeol stated on the 5th, "During my term, I will drastically increase the research and development (R&D) budget and fully support innovative and challenging R&D as well as the growth of future-generation researchers." This is interpreted as an attempt to appease the scientific community ahead of the general election, following the government's decision to cut the 2024 R&D budget, which sparked backlash from the science and technology sector.
President Yoon attended the '2024 New Year's Meeting of Scientists and Information and Communication Professionals' held at the Korea Institute of Science and Technology (KIST) in Seongbuk-gu, Seoul, on the morning of the same day. The Presidential Office reported that he said, "South Korea has taken a new step toward becoming a 'first mover' in innovation." This event has been held annually since its inception in 1983 as a New Year's gathering for professionals in science, technology, and information and communication.
Last year, at this event, President Yoon presented a blueprint emphasizing that science and technology are directly linked to survival and that the government would support innovation. This year, he focused on R&D. The government reduced the R&D budget for this year by 4.6 trillion won (14.7%) compared to last year's main budget (31.1 trillion won), leading the science and technology community to raise concerns about the slowdown in R&D progress and issues with research personnel salaries. In response, President Yoon held the first government work report and public discussion on livelihood issues of 2024 at the Human Resources Development Institute in Yongin, Gyeonggi Province, the day before, stating, "R&D investment funded by taxpayers will be boldly reformed to enhance the national economy," and pledged, "I will increase R&D investment during my term."
President Yoon also said, "A sound fiscal policy means spending when it is absolutely necessary," adding, "Just as families save money at home but spend freely on their children's education, we will generously support future-generation researchers to grow into world-class scientists." He emphasized, "We will boldly dismantle outdated regulations that do not meet global standards so that researchers can challenge innovative studies without fear of failure, thereby making South Korea a genuine global hub for science and technology."
He also introduced specific support directions and communication plans. President Yoon said, "In addition to strengthening investments in the three major future technologies?artificial intelligence (AI), advanced bio, and quantum?that countries worldwide are fiercely competing in, we will create high-quality, high-income jobs and actively foster upstream and downstream industries by providing R&D budgets and tax benefits as a package." Furthermore, he promised, "To communicate more closely with the science and technology field, we will establish a Chief of Science and Technology at the Presidential Office."
He also reflected on the significance of KIST, where the meeting was held. President Yoon said, "The Korea Institute of Science and Technology was established by former President Park Chung-hee, who envisioned a science-based nation and technological independence to support South Korea's industrialization." He noted, "At that time, South Korea was the only developing country in the world with a dedicated minister for science and technology to support it." He encouraged, "Leaders who look to the future and scientists who take on challenges together have created today's South Korea. Every country that has overcome war and economic crises and developed has science and technology at its core."
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