The government will create a fund of some 26 million U.S. dollars to promote immersive content like virtual reality and augmented reality for the 5G wireless network.
The presidential committee on the 4th industrial revolution met on Thursday with experts in ICT and government agencies, including the ministry of science and ICT and the ministry of SMEs to establish a long-term plan for the new technology.
"New technologies are initiating new services. Global IT companies like Facebook are likely to put more investment in them.
Some may think it is a bit early for the investment, considering the pace of device growth, but in fact, it's too late to start investing when the technology is already prospering. We are here today to take a preemptive measure."
The science ministry said the investment into immersive content will particularly help venture companies and small- and medium-sized businesses.
Also up for discussion was plans to develop autonomous vehicles. The government recognized the importance of nurturing the industry amid a rapidly changing industrial landscape such as rising Chinese technology and global restructuring in the automobile sector.
Among the future growth engines designated by the committee are immersive content, smart factories and autonomous vehicles.
Yoon Jung-min, Arirang News.