President Moon Jae-in said Monday that the government will spend part of its record budget next year on research and development(R&D) of a COVID-19 vaccine and treatment. 

Chairing a plenary meeting of the Presidential Advisory Council on Science and Technology, Moon also said that bio- and digital technology played a big part in curbing the spread of the coronavirus.

The president noted that 2021 will be a meaningful year for the country's science and technology sector, with R&D investments from the government and private sector combined topping 100 trillion won for the very first time.

Moon said the amount is the fifth-largest in the world and ranks number one or two in terms of proportion to gross domestic product.

The government's own R&D budget amounts to a record 27-point-four trillion won, according to Moon, and some of it will go towards developing vaccines and treatment to serve as "priming water" in the fight against COVID-19. 

He said South Korea's prowess in science and technology will provide strong support for innovative growth and digital and green New Deal projects. He also stressed the importance of invigorating R&D investments by the private sector through deregulation and incentives.

Moon also called for scientists to pay attention to issues linked to people’s lives, such as climate change, infectious diseases and going carbon neutral by the year 2050.