South Korea may propose a budget related to state-backed scientific research and development amounting to nearly 30 trillion won ($21.6 billion), according to the presidential office on Thursday.

"The total amount of the state R&D budget could certainly reach 30 trillion won, but the final proposal will be handed in (to the Finance Ministry) in late August," Park Sang-ook, senior presidential secretary for science and technology, told reporters.

Park revealed that what is included in the proposal will be the 24.8 trillion won budget allocation plan for technology advancement, facility augmentation and operation of state-backed institutions, which gained President Yoon Suk Yeol's approval Thursday.

In December, South Korea finalized the budget of 26.5 trillion won for this year, as a result of the R&D budget cut, sparking concerns about the possible job insecurity of scientists in the country which has advanced its technologies ranging from semiconductor chips to space.

South Korea's R&D spending in 2023 was estimated to have amounted to 31 trillion won, but the government later adjusted the amount of spending to 29.3 trillion won.

Seoul has claimed that the spending cut was meant to address "inefficiency in the government's R&D support."

With the budget restoration, South Korea could focus on research in three pillars of artificial intelligence, biotechnology and quantum technology, Park said. Park, however, did not elaborate on the expected outcome of the budget restoration.