The industrial R&D budget exceeded 5 trillion won for the first time.
The Ministry of Trade, Industry and Energy announced on the 27th that it would announce the ‘2022 Industrial Technology Innovation Project Integrated Implementation Plan’ containing the industrial technology R&D support plan on the 28th.
Next year’s R&D budget for the Ministry of Industry is 5,541.5 billion won, an increase of 11.9% from this year’s (4.95 trillion won). This is the first time that the R&D budget of the Ministry of Industry exceeds 5 trillion won.
The ministry explained that the budget was increased to respond to the reorganization of the supply chain due to the novel coronavirus infection (COVID-19) and the climate crisis.
As a carbon-neutral R&D budget, KRW 1.196.1 trillion was prepared, an increase of more than 45% from this year. The R&D budget for industries with less investment compared to energy conversion doubled to 413.5 billion won. Invest 54.2 billion won to create an industrial process innovation R&D project centered on industries that emit a lot of greenhouse gas. In the energy conversion sector, 782.6 billion won was organized, an increase of 170.8 billion won (27.9%) from this year.
Invest 264 billion won in R&D for industrial digital transformation. We plan to respond to the non-face-to-face digital economy becoming a pivotal point in the wake of COVID-19. Start R&D business such as digital technology development and digitization of steel manufacturing processes.
1.68 trillion won was raised to stabilize the supply chain of core materials, parts, and equipment. 787 billion was reflected in the three major R&D budgets: commercialization of artificial intelligence semiconductors, development of electric and hydrogen vehicles, and development of advanced medical devices.
“The R&D budget of the Ministry of Industry, which is responsible for the real economy, has increased significantly,” said an official from the Ministry of Industry. “Carbon neutrality is an irresistible trend,” the official said.