[Korea.net News, Science / Tech, January 6 2008] Korea's R&D spending to rise 11 % this year

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Korea now ranks among the world’s seven countries, including the United States and Japan, that spend more than 10 trillion won on R&D projects, they said.

"In line with a mid- and long-term government strategy, the R&D budget focuses on technologies that are expected to create new markets and help the country stay a step ahead in the global market," the ministry said.

More money will thus be invested in aerospace, maritime, environmental and energy sectors, but machinery, information and electronics areas will receive less government funding, it added.

Korea has been putting R&D on the front burner as part of efforts to create new growth engines for its economy, Asia’s third-largest.