Emphasizing the Need for R&D Investment to Exceed 5% of National Expenditure
Minister Yoo Stresses Elevation of Ministry to Vice Prime Ministerial Level
On July 7, Sangim Yoo, Minister of Science and ICT, emphasized that the ministry should be elevated to a vice prime ministerial level and that the government's research and development (R&D) investment should account for more than 5% of the nation's total expenditure.
Sangim Yoo, Minister of Science and ICT (left), and Jinsook Lee, Chairperson of the Korea Communications Commission, are seated at the Science, Technology, Information and Broadcasting Committee plenary meeting held on the 7th at the National Assembly in Yeouido, Seoul. Photo by Yonhap News
Minister Yoo made these remarks while attending the plenary session of the Science, Technology, Information and Broadcasting Committee at the National Assembly, during his statement on the passage of amendments to the Framework Act on Science and Technology and other related bills.
He stated, "The elevation of the Ministry of Science and ICT to a vice prime ministerial level under the new administration, along with the allocation of a predictable and sustainable R&D budget, is the way to respond to the global technological hegemony war."
With the amendment to the Framework Act on Science and Technology passed on this day, the preliminary feasibility study system for R&D projects has been abolished, and a basis has been established for the implementation of subsequent systems.
He added, "In advanced strategic technologies such as artificial intelligence (AI) and bio, we can now proceed at least two years faster than before, which lays the foundation for Korea to respond appropriately to global technological competition. I believe the next five years will be a major crisis for Korea, especially as the AI transformation will rapidly reshape the global landscape."
He continued, "Korea did not have an AI computing infrastructure in place, but through bipartisan agreement, the original budget of about 1.8 trillion won was increased to more than 2 trillion won through a supplementary budget, which was a significant achievement."
Meanwhile, with the confirmation hearing for the new minister nominee Kyunghoon Bae scheduled for the 14th, it is expected that this will be Minister Yoo's last appearance at the National Assembly.
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