The South Korea government has decided to invest intensively in nine sectors (including new drugs, medical equipment, the IoT) while restructuring government-funded R&D projects that have been underperforming.
The Ministry of Science, ICT and Future Planning (MSIP) said on May 23 that the government will focus its R&D efforts on 9 sectors. The announcement came after the MSIP held the first R&D budget allocation and adjustment meeting since the launch of the Science and Technology Strategy Office.
The nine sectors are software and content; new drugs and medical devices; energy storage and renewable energy; manufacturing-based technology, robotics; food, animal |husbandry and veterinary science; aviation, satellites, offshore and polar projects; rail and road transportation; and atmospheric sciences (e.g. meteorology, the environment, health and weather forecasts).
The nine sectors were finalized at the 10th National Science and Technology Council meeting, which took place in January presided over by Prime Minister Hwang Kyo-ahn and Co-chairman Lee Jang-moo.
Financial resources needed for funding R&D projects in the nine sectors will be procured by aggressively restructuring government-funded R&D projects that are either struggling or considered less important. Each relevant ministry will cut its R&D budget roughly 10 percent by restructuring underperforming R&D projects.
