The government will enact a 14 to 15 percent increase in science and technology R&D funds in the 2006 budget by issuing state bonds.

The decision was reached at the 10th meeting of science and technology-related officials presided over by Science and Technology Minister Oh Myung Wednesday. The meeting reviewed ongoing efforts to boost investment funds for science and technology as well as the future direction of the science sector.

As a result of Wednesday's decision, the government will invest two-to-three-hundred-billion won more in related fields in a bid to secure future growth engines.

Areas earmarked for further development include next-generation growth engines, large-scale R&D for practical purposes, and so-called 21st century frontier businesses.

The government will also shift the focus of R&D to large-scale and long-term technologies in which the nation has comparative advantages and provide excellent researchers at state-affiliated institutes with larger incentives.