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Biz News Korea(Eng)

Korean state entities to spend $121mn on new innovations next yr

Collected: 2017.11.15

Distributed: 2017.11.16

Source: Go Direct

South Korea’s 22 state-run companies including Korea Electric Power Corp. and Korea Expressway Corp. will spend a combined 135.1 billion won ($121 million) next year in procurements related to automation, big data, Internet of Things (IoT), and digital connectivity to help advance domestic innovations and industry to stay ahead in the fourth industrial age.

The National Science and Technology Council on Tuesday approved the Ministry of Science and ICT’s 2018 budget guideline for public institutions that recommends 28 percent hike in their research and development investments in areas related to the fourth industrial revolution.

Public institutions will be budgeted with a combined 577.9 billion won until 2020 to spend on innovations and related areas.

Artificial intelligence and IoT sector has been allocated with the spending of 92.3 billion won, up 43.3 percent from this year. Investment for smart factories and autonomous vehicles was set at 23.9 billion won, 4.7 percent higher from this year. Spending for smart applications for safety and disaster system would jump 118.6 percent to 1.5 billion won.

Spending in base technology such as semiconductor, IT and virtual/augmented reality would be scaled back by 3.5 percent to 17.4 billion won.

The government has been setting R&D investment guidelines for public institutions to keep them competitive and help promote related industry.

By Won Ho-sup and Cho Jeehyun

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