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By APD writer Alice
The South Korean Ministry of Science and ICT said on January 16 that the country will invest 24.2 trillion won (21 billion USD) sourced from the state budget in developing the science and technology and artificial intelligence (AI) sectors.
Of the sum, 2.8 trillion won will be allocated for drug development from 2021 through 2030. In the 2018-2020 period, policymakers forecast exports in the bio-health sector to top a solid 18 trillion won.
R&D assistance in clean energy will reach 1.5 trillion won till 2029, which could make the country a top player in new sustainable energy, including hydrogen power.
1.1 trillion won will be earmarked for processing-in-memory chips that can mimic a person's brain and facilitate "deep learning" by machines that is critical for the expansion of AI.
Data shows that South Korea’s State budget for scientific research and development in 2019 sharply increased 18 percent year on year to 20 trillion won.
Under the plan, Asia's fourth-largest economy will launch its first space rocket in 2021, with a view to becoming one of the few in the world to possess such capability.
It also seeks to leverage its prowess in manufacturing and next generation 5G communication network infrastructure.
(ASIA PACIFIC DAILY)
