The Ministry of Science and Technology has unveiled plans to inject 261 billion won this year in basic scientific research and fostering of talents in the field. The amount is 12.1 percent larger than last year.

The ministry added on Wednesday that it would allocate some 427 billion won for special research and development projects on future technology, including nano technology. The figure is 22.2 percent lower compared to last year.

The cut in budget for such special research projects was made as projects deemed to be overlapping with those of other ministries were transferred to those other government bodies after the Science and Technology Minister was promoted to the level of deputy prime minister last year.