R&D investment by Korean firms to grow 2.5% this year

Published : Mar 8, 2017 - 12:48 Updated : Mar 8, 2017 - 14:38

South Korean companies are expected to increase their investment in research and development this year, a survey by a local think tank showed Wednesday.

According to the Korea Industrial Technology Association, 1,000 firms surveyed said they will increase their R&D investment by an average of 2.5 percent compared to the year before.

A researcher working in a lab in Korea (Yonhap)

Based on the outcome of the survey, KOITA said the total R&D spending by the companies that have an institute or office specifically dedicated to R&D could reach about 51.6 trillion won ($45 billion).

The KOITA report said R&D spending by large companies is expected to reach 34 trillion won, up 2 percent from 2016, while investment by small and medium-sized firms is expected to jump by some 3.4 percent on-year to 12 trillion won.

The surveyed firms plan to hire 8,000 researchers this year, with large companies accounting for some 60 percent of the total, the surveyed showed. (Yonhap)