Korea 2023

OECD reviews of innovation policy

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Organisation for Economic Co-operation and Development

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OECD

The 'Miracle on the River Han' catapulted Korea from developing country to a prosperous economy, driven in part by advancements in science, technology, and innovation. Being the second-highest R&D spender among OECD economies, Korea excels in key technologies, including semiconductors, 6G, and ICT infrastructure. Despite this remarkable progress, disparities remain between SMEs and chaebols, manufacturing and services, ICT and non-ICT industries, and urban and rural areas. Korea also grapples with societal and economic vulnerabilities, including an aging population, a significant carbon footprint, limited renewable energy use, and pronounced gender inequality. To further seize opportunities for equitable and inclusive growth, Korea must foster a shared national vision to develop science, technology, and innovation to address societal issues, enhance R&D policy implementation, promote excellent research, further internationalise, and broaden technology diffusion.