S Korean gov't to increase investment in technology R&D

The South Korean government said Thursday it will increase the amount of investment in developing technology to enhance the nation's competitiveness.

According to the Ministry of Education, Science and Technology, it will spend up to 354.9 billion won (316.0 million U.S. dollars) this year, up 18 percent from the 2009 expenditure, which will be focused on nano tech, biotech, technology convergence and energy.

Of the total amount, 80 billion won (71.4 million U.S. dollars) will be used for new investments, surging 43 percent from the previous year, the ministry said.

The increase in fund comes as part of South Korea's national plan to advance in the basic technology research and development areas by 2021, local media said, quoting a ministry official.

The ministry, in particular, is supposing domestic technology creation will benefit the country by curtailing patent lawsuits and royalty payments, according to media reports.

Source: Xinhua