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THE INVESTOR
October 22, 2018
Big Reunion

Economy

Korea to spend W1tr on basic research in 2018

  • PUBLISHED :November 06, 2017 - 15:33
  • UPDATED :November 06, 2017 - 15:33
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[THE INVESTOR] Korea will inject more than 1 trillion won (US$896 million) to foster manpower in the basic science sector in 2018, the ICT ministry said on Nov. 6.

The ministry said next year’s budget to strengthen basic science, which is subject to parliamentary endorsement later this year, will be 1.12 trillion won, up 129.7 billion won from a year earlier.

The government said it will first allocate 190 billion won into up-and-coming researchers who possess good potential to make scientific breakthroughs.

The money can help researchers focus on their work without worrying about funding issues, which can be distracting.

The candidates have to be under the age of 39 and must have earned doctorate degrees within the past seven years, the ministry said.

The ministry aims to double the budget in the sector by up to 2.5 trillion won in 2022.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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