LONDON, Nov. 22 -- South Korean President Yoon Suk Yeol said Wednesday the government will primarily invest its research and development (R&D) budget in developing basic source technology and promoting innovative research.
Yoon made the remark during a forum in London that brought together notable scientists from South Korea and Britain as part of his ongoing state visit to Britain.
"We plan to spend the more than US$23 billion in our annual state R&D budget primarily on basic source technology, which is difficult for the private sector and the market to invest in, and on innovative research that aims for the world's best," he said during the UK-Korea Science Forum held at the Royal Society, Britain's national academy of sciences.
"The Republic of Korea government proposes and hopes to establish firm solidarity with Britain as a cooperation partner in science and technology," he added.
Starting next year, South Korea and Britain will run a three-year joint research program worth a total of 4.5 million pounds (US$5.6 million) for a team of researchers from both nations, according to the presidential office.
The two countries plan to expand the program in line with the results of a performance review.
The two governments also signed three memorandums of understanding on the sidelines of the forum on cooperation in science and technology, space, and digital technology, respectively.
South Korean President Yoon Suk Yeol (C) looks at an exhibition at the Royal Society, Britain's national academy of sciences, in London on Nov. 22, 2023.