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South Korea: $4.4 Billion to Become a Powerhouse of Innovation

17 August 2018 18:36, UTC
South Korea: $4.4 Billion to Become a Powerhouse of Innovation
By Ann Sotnikova

According to information published by Ministry of Economy and Finance, the government plans to invest about 5 trillion won (about $4,4 billion) in development of the country’s platform economy, as well as in 8 pilot projects next year. As part of the investment program “Growth Through Innovation” 8 pilot projects will receive 3.5 trillion won ($3 billion), which is 62% more than in 2018.

Under the pilot projects the government means the “future cars, drones, new energies, healthcare biotechnology, smart factories, smart cities and smart farms, as well as the fintech.”

At a meeting in Seoul, Finance Minister Kim Dong-Yong confirmed the information and added that special emphasis will be placed on the development of blockchain, big data technology and artificial intelligence (AI).

Andrew LIM, President of South Korea Blockchain and CEO Kocal Consulting Corporation in an exclusive comment highly appreciated the initiative of the government:

“South Korea has been one of the most innovative countries in the world but it has always struggled with regulatory reforms which, until now, was seen as excessive interference by the government. Therefore it is promising to see the government include Fintech and blockchain technology to receive part of the 9 trillion KRW investment towards growing a strong platform economy. [...] South Korea continues to remain competitive with other global leaders in becoming a powerhouse for new innovations.”

In addition, the government intends to finance the training of 10,000 professionals in eight promising sectors. It is expected that the budget will amount to 60 billion won ($53 million). This once again shows how actively the Ministry of science and ICT of the country contributes to the popularization of education in the field of blockchain. Coupled with Jeju island's plans to become a blockchain capital, South Korea is getting all the necessary to become a world leader in innovation and advanced technology.

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