South Korea will invest about 16 trillion won ($14.2 billion) in scientific research and development (R&D) efforts this year, a presidential body said Wednesday.

The amount is up 7.6 percent from the 14.89 trillion won set aside for the same purpose last year, according to the National Science and Technology Commission.

The final decision on details relating to the investment will be made during a meeting Thursday where the commission will review the R&D spending plans jointly proposed by 25 government institutions.

Of the total, about 3.31 trillion won will be used to develop technologies related to satellites and other areas where the private sector does not have sufficient capacity to spearhead efforts, the commission said.

The government also plans to invest some 1.29 trillion won to support R&D efforts in developing medicines, medical equipment and bio materials, the commission added. (Yonhap News)