The Korean government promotes the growth of seven ICT-based industries in the framework of the Smart Challenge Project. Specifically, the seven sectors include smart factory development, smart city service, health care, smart home development, smart grid security, and smart car service. A total of 30.7 billion won (US$29.5 million) is earmarked for the project next year.
At the same time, the Ministry of Science, ICT and Future Planning unveiled the so-called Creative Valley Promotion Project and Six-month Challenge Platform Establishment Project on Sept. 22 as its new projects for next year. The former will develop Pangyo into the Silicon Valley of Korea, and the latter is to help the general public turn their business ideas into business items.
Also, it is going to move ahead with the Pyongchang ICT Winter Olympics Project, the purpose of which is to incorporate 5G communications infrastructure into the Winter Olympics and provide next-gen broadcasting and media services, hologram content, and Internet of Things (IoT) services during the period.
The other plans for 2015 include 3D printing industry promotion, assistance for biotechnological research and commercialization, a one-stop service for the corporate sector, science Village construction, and mid-sized satellite development.
A budget of 14.3136 trillion won (US$13.7627 billion) has been earmarked for the Ministry for 2015, increased by 659.9 billion won (US$634.1 million) compared to 2014.