South Korea will invest more than 10 trillion trillion won in emerging industries such as big Data AI for 5 years

South Korea is making plans to strategically invest 10 trillion trillion won in big data, artificial intelligence (AI) and hydrogen economy by 2023, building a platform economy for economic and ecosystem innovation and accelerating innovation growth,Yonhap reported April 29.

The South Korean government will develop detailed investment plans in eight emerging growth industries, including drones and future cars, smart factories, smart farms, smart cities, energy emerging industries, fintech and biological health, The south Korean government plans to upgrade the industrial structure through this program to meet the era of the fourth industrial revolution, create new jobs for the future and increase the growth potential of the economy.

“In order to build the economic foundation of platforms such as data, artificial intelligence and hydrogen economy, the government plans to play a key role in government needs such as fiscal investment, deregulation, market and infrastructure development, allowing core growth policies to develop in a deeper and broader dimension,” said a senior government official.

In the first half of 2016, South Korea launched its first development program specifically for the artificial intelligence industry, 《AIKorea》 plan. According to the plan, South Korea will make South Korea a “world leader in Artificial intelligence” by 2022 through technological innovations led by companies, research institutes and academics, and has since launched a 2.2 trillion-won investment plan and proposed the concept of building the world’s four largest artificial intelligence powers.

Since the beginning of 2019, the South Korean government has begun to invest in financial infrastructure to build a platform economy, with an investment budget of 2 trillion won and 5.4 trillion trillion won over last year. In addition, the South Korean government will also invest 1.3 trillion won in three strategic investment areas, including big data, artificial intelligence and hydrogen economy, and 3.9 trillion won each in eight future growth industries, including automobile and fintech.

South Korea’s ai strategy is divided into three parts: ensuring talent, technology and infrastructure.

South Korea “artificial intelligence research and development strategy” goals mainly include: artificial intelligence technology strength to achieve leapfrog growth; The quality of life has been greatly improved. Scientific and technological innovation and industrial fields have achieved rapid development.

The South Korean government says it aims to independently develop technologies comparable to its peers under the leadership of the United States and China, and ultimately reduce its reliance on them.

In addition, the share of investment in innovative growth in response to the fourth industrial revolution will be increased in the overall government budget.

For the first time this year, South Korea’s research and development budget, which aims to boost the economy’s growth potential, reportedly exceeded 20 trillion won and is expected to increase to 24 trillion won by 2022. The budget for South Korean government industries, small and medium-sized enterprises and the energy sector has also increased to 18.8 trillion won this year and will exceed KRW 20 trillion in 2022.