The government will increase support for research and development (R&D), spending up to five percent of the nation's gross domestic product by 2012.

That's a marked increase from the current three-point-two percent currently spent on R&D.

In a policy briefing to President Lee Myung-bak on Thursday, Education, Science and Technology Minister Kim Doh-yeon said his ministry will boost support and incentives for colleges that emphasize research.

Under the plan, the government’s annual investment in R&D will increase to 16-point-two trillion won, or just over 16 billion dollars, by 2012. It plans to invest ten-point-eight trillion won, or just under ten-point-seven billion dollars, this year.