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The Korea Herald
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THE INVESTOR
March 29, 2024

Economy

Korea to pour W7tr in future industries over five years

  • PUBLISHED :December 21, 2016 - 17:14
  • UPDATED :December 21, 2016 - 17:14
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THE INVESTOR] The South Korean government and private entities will invest about 7 trillion won ($5.88 billion) in 12 new promising sectors over the next five years, the Ministry of Trade, Industry and Energy said on Dec.21.

The ministry and some 30 companies and organizations announced detailed strategies to boost the new industries selected as being central to South Korea’s “fourth industrial revolution.”

The partnership picked the new fields based on macro trends, the country’s strengths and private sector’s investment plans, the ministry said.

The partnership, which was first formed in April, will support research and development in the areas.

They include advanced materials, augmented reality and virtual reality, electric and self-driving vehicles, smart vessels, home appliances equipped with Internet of Things, robotics, bio health, drones, premium consumer goods, energy including renewables, and the next generations of displays and semiconductors.

In addition to the funds, the ministry said it would stimulate competition, attract overseas talent and train some 30,000 R&D workers to boost the performance.

Trade Minister Joo Hyung-hwan characterized the fourth industrial revolution with four keywords -- smart, services, sustainability and platforms -- and urged businesses to adopt plans in accordance with these trends. Joo also promised that the government will relax regulations and help create markets for the new promising sectors.

Joo said that South Korea lags behind other major countries in these sectors and the country needs to utilize its world class information technology infrastructure and strong manufacturing sector.

The ministry estimated that the proportion of these strategic fields is expected to grow to 12.2 percent by 2025, doubling from 6.6 percent in 2015. It would also create more than 380,000 new jobs.

The chairman of the Korea Chamber of Commerce & Industry, Park Yong-maan, who is also the chairman of Doosan Infracore, said, “These plans will be a helpful guide for businesses in times of uncertainty.”

“The plans well reflect the voices of companies, and the government needs to include these policies for the next year.” 

By Park Ga-young/The Korea Herald (gypark@heraldcorp.com)

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