The government has finalized a comprehensive plan to develop the nation’s science and technology sector.

The national science and technology committee met Thursday to finalize second-phase plans to make the nation one of the world’s top five science powers by 2012.

In the meeting presided over by Science and Technology Minister Kim Woo-sik, the committee decided to double the government's basic research funds to three-point-two trillion won, or 34 billion dollars.

The committee also decided to triple basic research funds for the ministries of science, education and defense to one trillion won. Currently they receive about 324 billion won, or 344 million dollars.