Seoul, June 12
South Korean companies spent a record amount of 83.6 trillion won ($61.1 billion) on research and development (R&D) projects last year as part of efforts to enhance their competitiveness amid an intensifying global technology war, government data showed on Thursday.
The latest reading marks a 15.3 percent increase from the 72.5 trillion-won R&D investments made in 2023, according to the Ministry of Trade, Industry and Energy.
The tally is a combination of investments made by the top 1,000 companies here in terms of R&D spending, reports news agency. Among the 1,000 companies, 709 increased their spending last year, while 291 reduced their investment.
Tech behemoth Samsung Electronics Co. spent the highest amount of 30.2 trillion won in R&D in 2024, followed by its chipmaking rival SK hynix Inc. at 4.5 trillion won, leading car manufacturer Hyundai Motor Co. at 4.3 trillion won and home appliances maker LG Electronics Inc. at 3.4 trillion won.
Korean conglomerates' R&D investments, however, still lagged behind those of their global peers, the ministry said, noting that only 40 local companies were on the list of the top 2,000 global companies that spent big on R&D projects in 2023.