South Korea to invest heavily in virtual reality sector

SEOUL - The Korean Government plans to invest KRW 405 billion into the virtual reality (VR) sector over the next five years, helping it to grow into a new engine for economic growth. President Park Geun-hye has promised her government's continued support for the growing tech sector.

The President described  VR as one of her Government's nine "national strategic projects", alongside artificial intelligence (AI), autonomous vehicles, smart cities, biotech, precision medicine and light-weight materials.

"Virtual reality is a technology that frees our imagination, offering limitless possibilities," she said. "I ask that startups and venture capitalists make use of this VR technology and bring about innovation in various realms, including education, medicine, defence and tourism."

The Government has designated the neighborhood of Sangam-dong as a tech hub for the VR industry. A number of VR facilities will also be set up at major tourist sites around South Korea, enabling visitors an opportunity to experience a variety of VR content as it becomes available to the public. www.korea.net.kr (ATI).