South Korea spent nearly 24 trillion won ($21.26 billion) on state-led research and development (R&D) projects last year, up 16 percent from the previous year, the science ministry said Monday.

The country's R&D expenditures last year amounted to 23.88 trillion won, up 15.8 percent from the previous year and the fastest rise in 15 years, according to the Ministry of Science and ICT.

State-led R&D spending has increased by 7.2 percent on average annually from 2017 to 2020 under the current administration, compared with the average 4 percent rise per year under the previous administration from 2013 to 2017.

By R&D sector, the country last year spent 4.2 trillion won, or 18.6 percent of the total, on machinery, followed by 2.4 trillion won, or 10.6 percent, on information and telecommunications, and 2.2 trillion won, or 9.9 percent, on electrical and electronic technology.

State-run research institutes' R&D projects were given 8.7 trillion won, or 36.3 percent of the total R&D expenditures, while universities received 5.8 trillion won, or 24.1 percent.

The government provided 6.2 trillion won, or 25.9 percent of the total, to companies last year, with small and midsized companies receiving 5.8 trillion won, compared with 400 billion won given to large companies.

The ministry added that the number of principal researchers in science and technology fields last year rose 5.3 percent on-year to 46,937. (Yonhap)