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Korean Government Invests 8.5T Won into ICT Research and Development Strategy
Korean Government Invests 8.5T Won into ICT Research and Development Strategy
  • By matthew
  • October 24, 2013, 05:43
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Front page of the MSIP web site,
Front page of the MSIP web site,


After holding the 23rd ministerial meeting for economic issues on October 23, the Korean government announced mid-long term strategies for a job-centered Creative Economy, one of the main visions of the Park Geun-hye administration.

To realize those strategies, the Ministry of Science, ICT and Future Planning (MSIP) devised the “ICT WAVE,” a long-term strategy on Information and Communications Technology for research and development (R&D). It is aimed at creating 180,000 jobs and developing 10 key technologies and 15 services by 2017 with an investment of 8.5 trillion won (US$8.0 billion). The strategy for ICT R&D is expected to generate 12.9 trillion won (US$12.2 billion) of production in the ICT sector and create significant added value of 7.7 trillion won (US$7.3 billion).

MSIP’s 10 key technologies include holograms, Content 2.0, intelligent software, Internet of Things (IoT) platforms, Big Data and Cloud tech, 5G mobile communication technologies, and smart networks. It will also focus on 15 key services such as Hyper Net, future advertisement, interactive creative education, digital support for small businesses, user-selectable realistic broadcasting, driverless cars, next-generation smart work, smart eating safety, real-time response to cyber terrorism, and detecting and preventing crime using smart CCTVs. 

MSIP has four visions for its ICT WAVE strategy. WAVE is an acronym that stands for World’s best ICT, Activating R&D ecology, Vitalizing industry, and Enhancing life. The ministry also set goals to have a technology transfer rate of 35% within 5 years, and to see investment in ICT R&D and its productivity growth of 7%. MSIP also hopes to be the fourth largest patent-holding country. 

To increase ICT R&D’s effectiveness, the ministry decided to form the Special Committee on Information and Communication Convergence under the information and communication strategic committee, and to establish a National IT Promotion Agency. 

10 Future Technologies for Small and Medium Sized Companies

Meanwhile, future promising technologies have been selected to serve as the basis for domestic small to mid-size companies thirsty for next-generation growth power development.

On the same day, the Korea Institute of Science and Technology Information (KISTI) reported it will hold a “2013 Future Promising Technology Seminar” on October 24 at COEX in Seoul where it will announce 10 future promising technologies. These include degenerative brain disease treatments, micro-RNA-based anti-cancer drugs, micro cogeneration, quantum dot solar batteries, disaster countermeasure technology using wireless sensor networks, flexible concrete, emotional interaction technology, digital forensic technology, high efficiency wastewater disposal technology, and next-generation rust and red tide control and prevention.

KISTI will analyze the summary, characteristic, domestic, and international research directions and solution tasks for each technology. It will provide the information on the KISTI Mirian website.