Korea's R&D in IT, biotech on the rise

Korea has been increasing its research and development projects in the fields of information and technology and biotechnology, spearheaded by 30 state-run agencies over the last three years, according to the National Science & Technology Commission.

R&D investment in software, renewable batteries and displays accounted for 19.4 per cent of the total last year, up from 18.3 per cent in 2009, the commission reported on Sunday.

Meanwhile, investment in the development of new drugs, and the welfare and medical industries accounted for 19 per cent, up from 17.7 per cent during the same period.

Last year, Korea's 30 state-run agencies allocated investments worth 14.85 trillion won (S$163.35 million) last year, up 8.6 per cent from a year ago, the commission noted.

Research centers received the most investment, worth 5.8 trillion won, to carry out the projects aimed at securing the country's next growth engines. Local universities and small and medium-sized companies followed with 3.8 trillion won and 1.8 trillion won, respectively.

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