The South Korean government would send 5 trillion won ($4.4 billion) to Finance its programme “Growth through innovation” in eight promising sectors, with particular emphasis on the blockchain and artificial intelligence (AI).
The increase in the target program budget by 65% compared to the previous year was confirmed by the Minister of Finance of Korea Kim Dong-Yeon (Kim Dong-yeon). He also urged the private sector to follow the example of the government.
According to the Minister, in the next five years the development expenditure under the program the eight sectors can be increased to 10 trillion won ($8.8 billion). Promising areas include Autonomous vehicles and intelligent plants, but special attention will be paid to the blockchain, big data and AI.
For the development of these industries, the Ministry will develop a long-term “road map”, said the Minister of Finance of Korea.
“All these measures will help to ease the economy of the platform, which in turn will accelerate innovation growth,” the Ministry noted.
Separately, the government will allocate funds in the amount of 60 billion won ($53 million) for training of 10 thousand specialists for eight innovative sectors.
Previously, the Finance Ministry of Korea said that the state company by 2022, plan to spend more than 30 trillion won ($26.4 billion) on the development of promising technologies. This should be an example for the private sector, expressed confidence in the Department.
Yesterday the Governor of the province of Jeju island, Won Hee-Ryong (Won Hee-ryong) suggested to make the district blockchain hub of the country and allow the holding of ICO.