The government will invest 170 trillion won, or some 130 billion U.S. dollars, into science and technology over the next five years to become the world's fifth-strongest technology powerhouse by the year 2030.

The Ministry of Science and ICT unveiled its mid- to-long-term investment strategies in state research and development during a Cabinet meeting chaired by President Yoon Suk Yeol on Tuesday.

The plan calls for research and development to account for five percent of the government’s total expenditure, beginning with 31 trillion won for this year. Over five years, 25 trillion won will be invested in 12 key state-level strategic technologies in the space, nuclear and quantum sectors.

Through the measures, the government seeks to catch up with the top nations leading in the tech sector and reach 85 percent of their technological levels by 2027, compared to the current 80 percent.

Science minister Lee Jong-ho also promised active investment toward plans to achieve carbon neutrality.