Will S. Korea Allocate $5.6 Billion for Science and ICT Research This Year?
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Synopsis
South Korea is set to invest a staggering $5.6 billion this year to enhance research in science and ICT. This bold move aims to spur innovation amid global economic uncertainty while positioning the nation as a leader in artificial intelligence. Discover the implications of this investment and the controversy surrounding Coupang's data breach.
Key Takeaways
- South Korea plans to invest $5.6 billion in science and ICT this year.
- The budget represents a 25.4% increase from last year.
- Investment focuses on AI, biotechnology, and quantum science.
- Coupang faces scrutiny for its data breach handling.
- The move aims to enhance innovation amid economic uncertainty.
Seoul, Jan 1 (NationPress) The Ministry of Science in South Korea announced on Thursday its plan to allocate 8.12 trillion won (approximately $5.6 billion) this year specifically for research and development in the fields of science and information and communications technology (ICT).
This year's budget reflects a 25.4 percent increase compared to the previous year, comprising 6.44 trillion won earmarked for science and technology, and 1.68 trillion won designated for ICT, as reported by the Ministry of Science and ICT, according to the Yonhap news agency.
The ministry indicated that this increased expenditure is aimed at fostering innovation-driven growth in the face of global economic challenges and persistently low growth rates, while also supporting South Korea's ambition to become one of the world’s top three powers in artificial intelligence (AI).
Regarding the science and technology sector, the government plans to enhance funding for emerging technologies like biotechnology and quantum science, while also reinforcing essential technologies to maintain a competitive edge in vital industries such as semiconductors and secondary batteries.
In the ICT realm, the ministry announced intentions to boost investment in AI-driven transformations, which includes the development of AI transformation engines and initiatives to cultivate highly skilled professionals in AI.
Separately, Science Minister Bae Kyung-hoon criticized the U.S. e-commerce giant Coupang Inc. for not cooperating adequately with the government during an ongoing investigation related to a significant data breach.
This statement follows Coupang's claim, based on its investigation, that only around 3,000 user accounts were compromised, as opposed to the over 33.7 million accounts initially reported late last month.
Coupang asserted that its investigation was conducted in close collaboration, if not under direct government oversight, but Seoul quickly dismissed these claims, characterizing them as a unilateral conclusion from an ongoing inquiry.
“Coupang’s statement regarding only 3,000 accounts being leaked and subsequently deleted is an extremely reckless assertion,” Bae commented, underscoring that the company is relying on the suspect's testimony.
Point of View
The investment by South Korea's government in science and ICT is a proactive approach to counteract economic challenges and secure a competitive advantage in emerging technologies. While the controversy surrounding Coupang highlights the importance of corporate accountability, the focus on innovation remains crucial for national growth.
NationPress
08/01/2026
Frequently Asked Questions
How much is South Korea investing in science and ICT this year?
South Korea is investing 8.12 trillion won (approximately $5.6 billion) in science and ICT research this year.
What areas will the investment focus on?
The investment will focus on future technologies such as biotechnology, quantum science, and AI-driven transformations.
Why is this investment significant?
This investment aims to stimulate innovation and address global economic uncertainties while enhancing South Korea's position in artificial intelligence.
What is the controversy surrounding Coupang?
Coupang has been criticized for its handling of a data breach investigation, where it initially reported a much lower number of affected accounts than previously stated.
Who is the Science Minister of South Korea?
The current Science Minister of South Korea is Bae Kyung-hoon, who has spoken out against Coupang's claims regarding the data breach.
