South Korea is aiming for a bigger share of the global metaverse market.
Finance Minister Hong Nam-ki said Thursday during an emergency economic meeting, that the goal is to become the world's fifth largest player by 2026.
Currently, the country ranks twelfth in terms of market share.
The government plans to invest around 47 million U.S. dollars this year for fostering metaverse industries.
Hong said there will be support for private companies that develop leading metaverse platforms.
He added that the country will develop five key areas where the technology can be applied, including user interface and digital humans, and come up with metaverse research and development roadmaps.