- Focus on AI, digital twins, factories and clean energy
- Support for small and medium-size companies included
The South Korean government will spend 4.7 trillion won ($3.9 billion) on innovative sectors in its 2020 budget, up from $3.2 billion in 2019. This includes 5G, digital twins, hydrogen, and artificial intelligence.
President Moon Jae-in’s government reaffirms support of small to medium-size (SMEs) company digitalization: In the budget is a policy to give vouchers to SMEs to buy AI technology or digital twin software.
This money will probably come from Korea’s existing pledge to spend $22 billion by 2022 on new technologies. Korea ranked third in BNEF’s digital industry ranking, with clear policy and significant investment targets.
Korea wants a strong domestic technology sector to build ‘Industry 4.0’ domestically. But it should also be looking to export these technologies to compete with similar strategies in Japan, Singapore, China.
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