The Korean Science Ministry said Thursday it will set aside 24.8 trillion won (US$17.9 billion) for its research and development (R&D) budget next year, allocating increased funding for artificial intelligence, bio and quantum projects.

According to Yonhap News Agency, the government will funnel 3.5 trillion won into three areas next year - artificial intelligence chips, advanced biotechnology and quantum technology - that can foster national innovation.

For basic research, 2.94 trillion won will be set aside, and another 2.4 trillion won will be for cutting-edge technologies, such as semiconductors and next-generation communications.

The ministry said the government will invest more than 1 trillion won in the space industry for the first time.

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