South Korea's science ministry said Wednesday that it will spend over 160 billion won ($144 million) on developing government-funded research institutes in the field of science and technology.

Under the plan, the Ministry of Science, ICT, and Future Planning will allocate the budget next year to assist the research institutions.

The ministry said it will first select some 170 research institutions out of more than 4,800 across the country that have the most growth potential.

The selected institutes will receive funds and other support measures such as access to government infrastructure and training personnel, ministry officials said. 

Of the budget, 42 billion won will be entirely used for developing technology that can be commercialized, they said.

Also, the ministry will strengthen support measures for small-and-medium sized firms to exchange technology.

The ministry said it will expand a department under its wing that handles small-and-medium sized firms from the current 291 officials to 500. (Yonhap)