The Ministry of Economy and Finance and the Ministry of Science and ICT have decided to permanently operate an R&D Budget Council starting this year. This council aims to increase expertise and fiscal efficiency by expanding mutual participation in the process of preparing R&D budget allocation and adjustment plans. Previously, divided roles between ministries acted as barriers, hindering smooth communication. Through this reform, both ministries will establish a cooperative system that allows for thorough discussion and shared responsibility from the early stages.
In 2024, Korea’s total R&D budget amounts to KRW 35.5 trillion, with 85.3% (KRW 30.5 trillion) designated as major R&D funds. The Science and Technology Innovation Headquarters prepares the allocation and adjustment plans, which the Ministry of Economy and Finance then uses to finalize the budget. Moving forward, a permanent council at the director-general level will meet monthly to discuss key topics such as government R&D investment priorities, expenditure efficiency, and new project reviews. Vice-ministerial level meetings will also be held to further stabilize and predict the cooperative structure.
Both ministries will expand mutual participation in the budget formulation process. The Ministry of Economy and Finance will join the in-depth review and advisory process conducted by the expert committee under the National Science and Technology Advisory Council for R&D projects submitted by each ministry. Additionally, the opinions of the Science and Technology Innovation Headquarters will be reflected in the Ministry of Economy and Finance’s budget process through pre-discussions in the permanent council. The management system for new R&D projects will also be improved, restricting requests for new projects not reviewed by the Science and Technology Innovation Headquarters.
These improvements will be applied from next year’s budget formulation process, with both ministries planning to continue close cooperation to ensure efficient R&D investment. Exceptions for new projects will only be made for those deemed nationally important or urgent, and even then, they will undergo review by the advisory council. These changes are expected to strengthen the accountability and transparency of R&D investments. For inquiries, contact the Science and Technology Innovation Budget Division (044-214-2770) or the Research Budget Coordination Division (044-202-6820).