President Yoon Suk Yeol vowed Friday to increase the government budget for scientific and technological research and development (R and D), saying he will fully support innovative R and D regardless of its cost. Yoon made the remark during a meeting for the new year with scientists and communications specialists at the Korea Institute of Science and Technology, noting the reason his administration has taken belt-tightening measures is to spend money where it is needed. "During my term, I will drastically increase the R and D budget and fully support innovative and challenging R and D regardless of its cost," he said. "I will especially spare no assistance to help our future generation researchers become world-class researchers. R and D is about nurturing people." Yoon outlined plans to increase investment, particularly in three "game-changer" future strategic technologies -- artificial intelligence, advanced bio and quantum -- and group R and D budget spending and relevant tax schemes into a package to pr ovide better support. He also said there are plans to establish a new position of senior presidential secretary for science and technology, with a search currently under way for the right person. "We will boldly tear down old regulations that do not conform with global standards so that you can challenge yourselves to undertake innovative research without fear of failure," Yoon said. "By doing so, we will make the Republic of Korea a true global hub for science and technology." Source: Yonhap News Agency