Korean Gov. to Invest 250 Billion Won in IoT Industry

Dec 09, 2015

The Korean government invests 250 billion won until 2017 in order to accelerate the growth of the Internet of Things (IoT) industry.

130 billion won of it goes to the six strategic fields of manufacturing, medical & healthcare, energy, smart home, automobile & transportation and urban engineering & security so that early market demands are created along with commercial business models. An IoT task force is to be organized by multiple ministries to this end.

At the same time, sensor and smart device technologies are developed, IoT networks are established and IoT platforms are opened to and shared with the private sector so that more private investments can be attracted. Approximately 57 billion won and 63 billion won have been earmarked for early-stage IoT development and its utilization, respectively.

In addition, the government finalized basic plans for the popularization of wireless power transmission and cloud computing. The former is to set the stage for the development of the wireless power transmission industry, which is expected to grow at an annual average of at least 60 percent for years to come in combination with various sectors such as mobile device, consumer electronics and electric vehicle manufacturing.

In this regard, specific action plans for the expansion of wireless charging infrastructure at public facilities like libraries and post offices are to be prepared along with high-efficiency rapid charging techniques. Also, systems for international standardization and the protection of the human body from electromagnetic waves are scheduled to be set up.

Source: BusinessKorea