The government is embarking on a large-scale R&D investment of 170 trillion won over five years starting in 2023, with the goal of becoming one of the top five science and technology powerhouses by 2030.

The Ministry of Science and ICT (Minister Lee Jong-ho) announced on the 21st that the Steering Committee of the National Science and Technology Advisory Council deliberated on the '1st National R&D Mid-to-Long-Term Investment Strategy (2023-2027) (Draft).'

With the vision of "Leaping to become one of the top 5 science and technology powerhouses by 2030," the government has set a goal of investing 170 trillion won in research and development over five years. Through this, it plans to faithfully implement key national tasks to raise the technology level compared to leading technology nations from the current 80% to 85%.

First, the government pursues four major strategies and 23 major tasks to achieve its vision and goals.

Based on close public-private collaboration, 25 trillion won will be invested over five years in 12 national strategic technologies through mission-oriented investment in key sectors, and energy technologies will be innovated to achieve carbon neutrality and the transition to a low-carbon industrial structure will be promoted.

We will strengthen national innovation capabilities, including digital innovation, corporate capacity building, supply chain response, public health promotion, and advanced national defense, through strategic selection and concentration within fiscal soundness.

We continuously invest in expanding the science and technology infrastructure for basic research, human resource development, international cooperation, regional innovation, and future response to social problems.

We will boldly innovate the existing investment system to enhance investment efficiency. It promotes public-private collaboration, supports technology scale-up, and operates an integrated inter-ministerial budget allocation and coordination system.

The Ministry of Science and ICT has set 19 key performance indicators to ensure the effective implementation of the 'mid-to-long-term investment strategy,' and plans to monitor implementation performance by establishing an annual implementation plan.

"The first mid-to-long-term national R&D investment strategy is significant as the first statutory plan to be established, and it is expected to enhance the strategic nature and predictability of national R&D investment," said Joo Young-chang, Head of the Science and Technology Innovation Headquarters. "We will support Korea establishing itself as a science and technology powerhouse through mission-oriented, public-private collaborative investment, and ensure that government investment serves as a catalyst for private-sector-led growth."

The Ministry of Science and ICT announced that it plans to finalize the 'mid-to-long-term investment strategy' at the National Science and Technology Advisory Council meeting early next year, following today's deliberation by the Steering Committee.