Pan-governmental Projects

Minister of Science, ICT & Future Planning Choi Yang-hee (front center) and Minister of Trade, Industry & Energy Yoon Sang-jik (front left) at the Future Growth Drivers and Industrial Engines Strategy meeting on March 24 at the Plaza Hotel in Seoul.
Minister of Science, ICT & Future Planning Choi Yang-hee (front center) and Minister of Trade, Industry & Energy Yoon Sang-jik (front left) at the Future Growth Drivers and Industrial Engines Strategy meeting on March 24 at the Plaza Hotel in Seoul.

 

The Ministry of Science, ICT & Future Planning and the Ministry of Trade, Industry & Energy released action plans for the 19 projects constituting the Future Growth Drivers and Industrial Engines Strategy. According to their plan, a budget of approximately 5.6 trillion won (US$5.1 billion) will be invested by 2020 in the 19 projects so that the sectors record exports of at least US$100 billion by 2024. One trillion won (US$907 million) of the budget is to be invested this year.

The ministries picked intelligent robotics, wearable smart devices, and the like as the future growth industries of Korea. Smart cars are included in the main industrial sectors, and intelligent semiconductors, and the Internet of Things (IoT) are included in the foundation industries. The government is planning to commercialize smart cars as soon as possible so that Korea can become one of the top three in the global smart car industry. 

In addition, the government is aiming to reach 9.7 trillion won (US$8.8 billion) in intelligent robot production by 2020 while working on more market-leading technology, products, and services in the wearable smart device sector during the same period. 

Regarding the IoT, it is looking to expand the size of the domestic market to at least 30 trillion won (US$27 billion) by 2020 by focusing on smart spaces, smart towns, and smart metro technologies.

The Flagship Project led by the Ministry of Science, ICT & Future Planning consists of six areas, including the development of convergence materials like polyketone and realistic content such as multiplanar imaging. A total of 2.3 trillion won (US$2.1 billion) will be invested in the projects by 2017. The Ministry of Trade, Industry & Energy is going to spend 3.2 trillion won (US$2.9 billion) by the same year on 12 Stepping Stone Projects including the development of unmanned fish finders for use in the ocean.

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