Korea Ranks 6th in R&D Spending Worldwide

Despite lingering economic uncertainty at home and abroad, Korea has continued to ramp up spending on research and development.

Data from the Ministry of Science, ICT and Future Planning shows that R&D spending stood at around US$53 billion last year, up more than 10 percent from a year earlier.

Compared to figures from OECD countries, the amount ranks as the world's sixth largest. Korea's ratio of spending on R&D to gross domestic product was second only to Israel at 4.4 percent.