SOUTH KOREA: R&D spending jumped 10% last year

South Korea spent about 34.5 trillion won (US$28 billion) last year on research and development, up 10.2% from the previous year, government data showed last week, reports The Korea Herald. R&D spending now accounts for 3.37% of gross domestic product, placing South Korea sixth among 30 OECD member states.

The United States spent $368.8 billion, 11.8 times more than Korea, while Japan spent $150.7 billion, 4.8 times more.

The Ministry of Education, Science and Technology conducted the 2009 Research and Development Activity Survey among 23,310 public research institutions, colleges and universities, and private companies across the country between March and July.

The money spent by government and the public sector accounted for 26.8% of the total amount Korea spent on R&D while money from the private sector and abroad accounted for 72.9% and 0.3% respectively. Private companies led the country's R&D activities as they spent 75.4% of the total while public research institutions and universities consumed 13.5% and 11.1% respectively.
Full report on The Korea Herald site