According to a recent report by the Federation of Korean Industries (FKI), South Korea placed second in research and development (R&D) spending as a portion of its gross domestic product (GDP) among major developed countries in 2020, but its tepid growth in recent years calls for more policy support. South Korea’s R&D expenditures reached 93.1 trillion won (US$75.4 billion) in 2020, accounting for 4.81 percent of GDP. That made South Korea the biggest R&D spender among Organization for Economic Cooperation and Development (OECD) member countries trailing only Israel, whose R&D portion came to 5.44 percent. Click the news below for more information: