President Lee Jae Myung has vowed to invest in research and development(R&D) in science and technology at levels unprecedented in the nation’s history.

The president made the promise Friday while presiding over the first plenary session of the Presidential Advisory Council on Science and Technology at the presidential office.

President Lee vowed active state support for R&D, saying that to overcome South Korea’s low growth and tackle multifaceted challenges, it is essential to invest heavily in scientific research and to support and cultivate high-tech industries, including artificial intelligence.

The president pledged to correct the previous government’s policy mistakes and invest for the future, saying that a record 35-point-three trillion won, or 25-point-three billion dollars, has been allocated for next year’s R&D budget in science and technology.

Lee said this is a 20 percent increase from this year’s budget and the largest amount in the country’s history, emphasizing that the sharp increase reflects the government’s determination to make the country a global science and technology powerhouse. 

The government’s R&D budget for this year is 29-point-six trillion won, and it was 26-point-five trillion won last year.