Big Companies Boost R&D Investment in South Korea in 2023

Seoul, April 9 (IANS) – Despite a decrease in earnings, big companies in South Korea have increased their investments in research and development (R&D) activities. According to a recent survey by the data tracker CEO Score, their combined R&D investments rose 9.4 percent to 73.42 trillion won ($54 billion) in 2023 from 67.14 trillion won a year earlier.

The survey revealed that these companies experienced declines in sales and operating profit due to an economic slowdown. However, they continued to execute their planned R&D spending for future growth, as reported by Yonhap news agency. Samsung Electronics emerged as the leader in R&D investments, spending 28.35 trillion won last year, marking a 14 percent increase from the previous year.

The top 10 conglomerates in the country, including LG Electronics, SK hynix, Hyundai Motor, LG Chem, Hyundai Mobis, and Kakao, were among the 224 companies surveyed. These conglomerates collectively accounted for more than 70 percent of the overall R&D investments by the surveyed firms, according to CEO Score.