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| ▲ Science Minister Lee Jong-ho announces the budget reallocation plan for major R&D projects for 2024 in Seoul, in this file photo taken Aug. 22, 2023. (Yonhap) |
finance minister-R&D budget
Finance minister calls for R&D budget restructuring to boost efficiency, innovation
SEOUL, Oct. 20 (Yonhap) -- Finance Minister Choo Kyung-ho stressed the need Friday to reform state-sponsored scientific research and development (R&D) projects to better focus on "innovative, longer-term" programs in response to the criticism of the government's substantial budget cut for next year.
The government earlier announced the decision to reduce its spending on major state-backed R&D activities by 13.9 percent on-year to 21.5 trillion won (US$15.9 billion).
The decision was made after President Yoon Suk Yeol instructed officials to reconsider state-run research projects from the outset to root out what he referred to as a cartel that seeks to defend their own vested interests in the sector.
"R&D projects are crucial from a longer-term perspective. The budget for the activities has grown sharply, but there have not been any efforts for proper restructuring or innovation," Choo said during a parliamentary audit into the finance ministry.
"The government aims to shift resources from inefficient, wasteful programs to challenging and innovative works," the minister said, noting that some 70 percent of about 75,000 state-backed projects have been smaller-scale tasks.
Critics have said that the budget cut means a major setback in basic science studies, as it is the first time in eight years that the government has decided to reduce the budget for major R&D projects.
If approved by the National Assembly, it will be the first budget cut in about 30 years.
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