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S. Korea Ranks 4th in R&D Investment Among OECD Nations
Source: english.chosun.com
Source Date: Thursday, August 12, 2010
Focus: E-Procurement
Country: Korea (Republic of)
Created: Aug 16, 2010

Korea's investment in research and development ranked fourth largest in 2008 among member nations of the OECD for a fourth year in a row.

According to statistics released Tuesday by the Ministry of Knowledge Economy, the country spent W34.5 trillion (US$1=W1,182) on R&D in 2008, or 3.37 percent of its GDP.

Around 75 percent of Korea's R&D investment came from the private sector, higher than in China (72.3 percent), the U.S. (71.9 percent), and Germany (69.9 percent).

More than 70 percent of the money from the private sector was spent by big businesses, indicating that conglomerates are spearheading the country's R&D investment.

The government's R&D budget has grown 10.5 percent annually since 2002, outpacing the overall national budget growth rate of 6.5 percent.

Meanwhile, the largest chunk of the government's R&D funds this year, W4.41 trillion, was earmarked for the Ministry of Knowledge Economy, followed by W4.39 trillion for the Ministry of Education, Science and Technology, and W1.80 trillion for the Defense Acquisition Program Administration.
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