S. Korea to invest more than US$ 3.8 bil. next year to foster innovative economic growth
Updated: 2019-08-21 17:05:20 KST
South Korea's finance minister Hong Nam-ki said the government will invest more than 3.8 billion U.S. dollars next year in spreading innovation to all sectors of industry.
During a meeting held at the Export-Import Bank of Korea on Wednesday morning, Hong said more than 1.4 billion dollars will be used to develop industries related to data, 5G networks, and AI, also known as the 'DNA' sector.
And more than 2.4 billion dollars will be used for system semiconductors, bio health, and future cars.
Laying out the steps of innovation, he said first, funds for core infrastructure needed for the 'DNA' sector will be increased.
Then, the government aims to spread innovation to the development of technology for hydrogen and electric car batteries, create a testbed for system semiconductors, and make a big data platform for medical data-centered-hospitals, through investment in the three new industries.
To speed up new investment into research and development, the government will exempt research businesses from preliminary feasibility studies.
These exemptions will apply to research that aims to increase Korea's self-reliance in strategic materials and equipment.
More than 1.5 billion dollars will be allocated for this research.
Finance minister Hong wrapped up the meeting by saying he will speed up innovation by strengthening labor and regulations.
He plans to train more than 200-thousand people as AI experts and expand the proactive regulatory roadmap based on future predictions to all ministries by 2023.
Hong Yoo, Arirang News.