South Korea’s Ministry of Science and ICT is set to provide $5.3 billion (5.8 trillion won) on science and information and communication technology research. The government funding will provide aid in the advancement of the nationwide digital transformation under the Digital New Deal.
The Digital New Deal involves development of technologies such as 6G network connectivity, artificial intelligence, and other scientific researches. It is part of the Korean New Deal, which targets to widen and improve South Korea’s sustainable economic growth.
This year, the financing will provide assistance to new scientists as well as studies on sustainable equipment and material production. The ministry said they have allocated 1.8 trillion won for general scientific researches, increasing last year’s budget of 1.5 trillion won ($1.38 billion)
South Korea allotted 287.9 billion won ($264.6 million) to core technology research due to the country’s goals of establishing self-reliant supply chains. The ministry has allocated 17.2 billion won ($15.81 million) on 6G wireless communication and 24.9 billion won ($22.89 million) on autonomous vehicle technology.
For virtual technology and services expansion, the Ministry of Science has allocated 139.1 billion won ($127.9 million). 58.2 billion won ($53,5 million) was invested in AI development and other growing industries expected to generate around 900,000 jobs by 2025.
In response to emerging environmental concerns, the government will provide 103.7 billion won ($95.3 million) for carbon-reducing technology. They have also invested 334.9 billion won ($307.8 million) for space programs and 245.6 billion won ($225.7 million) for nuclear reactor researches.
The ministry will also allot 41.9 billion won ($38.5 million) for vaccine development and other treatments in order to improve health care systems.
Korean New Deal
The Korean New Deal or K-New Deal is South Korea’s blueprint to revive the country’s economy after the COVID-19 pandemic. The long-term policy focuses on the Green New Deal, the Digital New Deal, and other employment investments.
The Digital New Deal was first revealed in April 2020. The government then introduced the Green New Deal the following month. President Moon Jae-in delivered the official guidelines of the expanded Korean New Deal by July.
While the Digital New Deal promotes the digitalization of networks and industries, the Green New Deal incorporates low-carbon operations and renewable energy.
Check out other must-read articles from KoreatechToday:
- Hyundai, Naver to Take Lead in President Moon’s Korean ‘New Deal’
- LG Chem Launches “LIKE GREEN” To Increase Sustainability Awareness
- South Korea Launches Low-Carbon Bullet Train KTX-Eum
- Digital Economy Forum 2020: POST-CORONA DIGITAL ECONOMY