April 19, 2024

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Korea will strive to achieve a “people-oriented” fourth industrial revolution, with a focus on the successful commercialization of the 5G networks and making more hydrogen-powered vehicles, the ICT Ministry said on March 7.

The ministry said the government finalized this year’s policy plan to become a top player in the world’s 5G services sector and search for new growth engines going forward.

A total of 74.3 billion won (US$65.80 million) will be spent this year to strengthen the data economy, with the aim to build 100 big data centers across the country.

In the artificial intelligence sector, the ministry said it will come up with more than 10 innovative achievements through a regulatory sandbox system.

A regulatory sandbox is a concept that allows small-scale, live testing of innovations by private firms in a controlled environment under the regulator’s provision.

AI and data are considered core technologies that can shape the ongoing fourth industrial revolution and lead to new business opportunities, officials said.

The ministry said such new technologies are forecast to generate business opportunities and profits worth 560 trillion won by 2030.

It will set aside 1.71 trillion won this year to up-and-coming researchers who possess good potential to make breakthroughs. Such investment is expected to encourage innovation that is a critical part of technological growth.

The ministry will also oversee the country’s push for a so-called hydrogen economy as part of a broader plan to increase the number of hydrogen fuel cell electric vehicles in the country to at least 80,000 units in four years’ time.

By Ram Garikipati and newswires (ram@heraldcorp.com)