South Korea will invest 6.7 trillion won ($5.3 billion) in science research in 2023 as the country seeks to secure key future technologies as new growth engines, the science ministry said.
The Ministry of Science and ICT said the earmarked amount marked a 3.9 percent increase from 2021.
Out of the total, some 3.4 trillion won was set aside for key future technologies, such as artificial intelligence, system semiconductors, advanced bio and 6G wireless networks, reports Yonhap news agency.
The upcoming space projects, including the third launch of Nuri, the country's first homegrown space rocket, in the first half of next year, are also on schedule.
The ministry said it will allocate 2.1 trillion won on fostering basic scientific research to support young scientists in the aerospace, AI and semiconductor sectors, and set up a state-run innovative research center.
Some 461.8 billion won will be spent on building scientific infrastructure, while the ministry will fund 327.9 billion won in fostering top-level human resources in the field.
The science ministry said the government will build the innovative R&D system to encourage companies to engage in high-risk projects in the science and tech sector from the beginning and commercialise research outcomes.
The South Korean government has announced its long-term plans to give top priority to supporting R&D and promote 12 selected strategic technologies, including semiconductors and displays, rechargeable batteries and advanced mobility, in a bid to expand the country's presence in the prominent sector.