South Korea commits KRW8.5 trillion to future ICT economy

November 5, 2013

SEOUL – The South Korean Government is to invest KRW8.5 trillion over five years into ICT research and development as it confirms a new mid- to long-term ICT strategy described as an ‘ICT WAVE’. Korea’s Ministry of Science, ICT and Future Planning (MSIP) describes WAVE as an acronym for ‘World’s best ICT, Activating an R&D ecology, Vitalising industry and Enhancing life’.

Under the five-year WAVE plan, the MSIP wants to increase the new technology adoption rate from 18% to 35% and productivity growth from 3.42% to 7.0%, with Korea to become the fourth-largest holder of patents worldwide.

The Government plans to develop 10 key technologies across five areas – content, platforms, networks, devices and security. The core technologies include holograms, Content 2.0, intelligent software, Internet of Things (IoT) platforms, 5G mobile communication technologies, and smart networks.

MISP says the new polices over five years are expected to generate an additional KRW12.9 trillion in ICT manufacturing, create 180,000 new jobs and add KRW7.7 trillion in value to the Korean economy (ATI).