On Monday, South Korea proposed new policy measures for the promotion of next-generation digital products, such as online media platforms, the metaverse, and artificial intelligence.
South Korea’s export promotion measures have arrived at a time when its ICT exports have been steadily declining. The contemporary global economic slowdown has resulted in reduced demand and consumption across major sectors, including the technological sector.
South Korea aims to tap into new markets with this move. The Ministry of Science and ICT has announced assistance for domestic companies with expertise and excellence in digital products. According to the ministry, blockchain software, AI, ICT services and equipment, as well as metaverse businesses, will receive support in expanding internationally.
The Korean government will place a strong emphasis on profitable markets for the nation’s ICT and digital businesses. Korea plans to nurture bilateral relations to foster trade with countries in the Middle East, Southeast Asia, and Latin America, as these regions have massive ongoing infrastructural projects.
Dispatching combined digital products export development teams
The main focus in the Middle Eastern region will be the United Arab Emirates (UAE) and Saudi Arabia. The government will facilitate high-level talks to lay the groundwork for future investments and economic collaboration in the sector.
In October of this year, Korea will send a combined public-private digital export development team to the UAE and Saudi Arabia. They will strive to participate in the Neom smart city project, which has received support from Saudi Arabia and investments from the UAE.
Korea’s ICT ministry will dispatch another joint team to Southeast Asian countries such as Vietnam, Singapore, and Indonesia on Tuesday. The government plans to focus on delivering personalized export assistance in this region.
Furthermore, the Korean government intends to strengthen relations with Japan. Last month, both countries formed the Korea-Japan Digital Policy Forum, a forum that ensures cooperation in advanced digital fields.
According to the Korean government, a separate organization will be established this month. This organization will provide administrative and legal assistance to domestic companies engaged in exporting their goods.
Until now, Korea has focused on ICT exports such as chips, smartphones, displays, and so on. However, the current economic crisis has compelled Korea to make changes to its policies and explore alternatives. The new measures focus on helping domestic companies access new opportunities. The government will combine public and private efforts to maximize the success rate and make attempts to restore exports.