Seoul: The government has earmarked 65 billion won (US$45 million) this year to support research and development (R and D) projects of medium-sized enterprises, particularly those focusing on artificial intelligence (AI) in manufacturing, the industry ministry announced on Monday. This initiative reflects the government’s commitment to enhancing the competitiveness of local companies in the AI-driven era.
According to Yonhap News Agency, the budget represents a 20 percent increase from the 54.8 billion won allocated for similar projects last year. The Ministry of Trade, Industry and Resources emphasized that the primary focus will be on supporting R and D projects related to AI transformation within the manufacturing sector. This aligns with the government’s key policy agenda aimed at strengthening the competitiveness of domestic companies through technological advancement.
Additionally, this year’s budget will be used to fund projects conducted by medium-sized companies located outside of the greater Seoul area. The ministry aims to promote balanced regional growth through these efforts, ensuring that technological progress and economic development are distributed more evenly across different regions.