S. Korea : This year, will invest $5.6 billion in scientific and ICT research
S. Korea: The science ministry of South Korea said on Thursday that it would spend 8.12 trillion won ($5.6 billion) on scientific and information and communications technology research and development this year.
According to the Ministry of research and ICT, the budget is up 25.4% from the previous year and includes 1.68 trillion won for ICT and 6.44 trillion won for research and technology, according to Yonhap news agency.
According to the ministry, the increased funding is meant to further South Korea’s goal of ranking among the top three artificial intelligence powers in the world while fostering innovation-led development in the face of protracted low growth and global economic instability.
In order to gain a competitive advantage in important sectors like semiconductors and secondary batteries, the government will boost investments in cutting-edge technologies like biotechnology and quantum research while bolstering fundamental technologies.
The government announced plans to increase investment in AI-driven transformation in the ICT industry, including the creation of AI transformation engines and initiatives to educate highly qualified AI specialists.
In the meanwhile, U.S. e-commerce behemoth Coupang Inc. has come under fire from Science Minister Bae Kyung-hoon for not diligently assisting the government in an ongoing probe into its large data breach.
The comments follow Coupang’s assertion, based on its own research, that the hack had only impacted around 3,000 user accounts, as opposed to the 33.7 million it first disclosed late last month.
Seoul swiftly disputed Coupang’s accusations, referring to them as a “unilateral” conclusion of an ongoing probe, despite Coupang’s insistence that its study had been carried out with close government engagement, if not oversight.”This is a very careless statement,” Bae stated, pointing out that the corporation is explicitly repeating the suspect’s evidence. “Coupang claims that only 3,000 accounts were leaked and subsequently removed.”