President Yoon Suk Yeol has addressed criticism for cutting the state budget for research and development by declaring plans to expand related funding during his presidency.

Speaking to a local broadcaster on Thursday, Yoon said while the government has restructured the R&D budget for the first time, it plans to make bold investments in areas deemed more crucial.

The president cited past criticism of the R&D budget, which ballooned from 20 to 30 trillion won between 2019 and 2021, for failing to generate adequate growth momentum due to misuse as a supplementary allowance for researchers.

He called for consideration on the purpose of government investment in R&D, saying state funds should be spent toward technologies that are ahead of the private sector or cutting-edge technologies that cannot be commercialized within several years.

He also mentioned customized technological development by small- to medium-sized enterprises.

On the effect of ongoing conflicts in Ukraine and the Middle East on economic security, Yoon said his administration has focused on the security of supply chains through summit diplomacy, as well as an expansion of local firms' reach in overseas markets.