South Korea is planning to spend much of its budget on science, technology, and AI in 2020

South Korea is planning to spend much of its budget on science, technology, and AI in 2020

In South Korea, contemporary scientific and technical progress was not primarily due to pressing issues such as the Korean War and Korea Conflict, which took place immediately following independence. It was not until the 1960s that South Korea’s economy was rapidly expanding as a result of industrialization and Chaebol firms, including Samsung and LG, under the Park Chung-Hee dictatorship.

The Ministry of Science said on Thursday that South Korea would spend 24.2 trillion gains (US$ 21 billion) on the state budget on science, technology, and artificial intelligence.

According to the Ministry of Science and ICT, the budget for state-level research and development is a sharp 18 percent year-round rise of some 20 billion won in 2019.

Asia’s fourth-largest economy is also seeking to build on its manufacturing capabilities and 5 G network infrastructure for next-generation connectivity.

The Ministry of Science said it would work closely with other organizations with its R&D budgets so that funding can go reliably to promising fields such as bio-hygiene, clean energy, engineering, quantum technology, and aerospace.

The country will launch its initial space rocket in 2021, making it one of the few rockets in the world to have that capability.

In particular, between 2021 and 2030, the country will provide a total of 2.8 billion won in drug development. Policymakers are forecasting exports from the bio-hygiene sector to a solid 18 trillion in the 2018-2020 period.

R&D assistance for clean energy will reach 1.5 trillion by 2029, making it a top player for new sustainable energies, including hydrogen power.

The Ministry also added that 1.1 trillion won is earmarked for memory chips that can simulate the brain of an individual and promote “deep learning” through AI expansion-critical machines.