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Supporting such reorganization and deriving results requires funding. To this end, in February 2014, President Park announced plans to increase Korea's R&D investments to represent 5% of its GDP by 2017, to further support the establishment of a creative economy. In recent years, the government has boosted its own R&D spending by an impressive average of 11% a year. This year's federal R&D expenditures are pegged at US$19 billion, up 5.9% from 2014. Within these expanding budgets, spending on basic research also will rise, to 40% of the total by 2017.One project exemplifying the push into basic research is the Institute for Basic Science (IBS), which was launched in 2012. IBS focuses on big and sometimes risky research, historically not a particular strength of Korean science. Now 24 IBS research centres are up and running. In 2014, the government also pushed forward with plans to build a rare-ion accelerator — managed by IBS and funded at around US$2.1 billion through 2021 — for work in nuclear physics, materials science and biomedicine.
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