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South Korea’s MSIT slashes 2024 R&D budget, raises tech sector worries

The Ministry of Science and ICT (MSIT) in South Korea has made a decision regarding the allocation of the research and development budget for 2024. This move, aimed at enhancing the effectiveness of research and development fund utilization, comes after a reduction of approximately KWR$3.4 trillion (US$2.54 billion) in 2023. Despite the intention, the decision has generated negative reactions within the South Korean industry.