South Korea Invests $2.2bn In Hyperconnectivity Plan

The funds will facilitate several key emerging technologies, including extended reality (XR) and the Metaverse

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Published: September 15, 2021

Demond Cureton

South Korea’s Ministry of Science and Information Communications Technology (ICT) announced it planned to invest roughly 2.6 trillion won ($2.2 billion USD) to develop hyperconnectivity technologies across the country by 2025, the Korean Herald reported on Wednesday.

The Government plans to expand the development of numerous emerging technologies such as blockchain, the Metaverse, and cloud computing, the report said, citing an online ministerial meeting.

According to Minister Lim Hye-sook, who held talks on future plans for the country in ICT and emerging tech, such investments would help expand South Korea’s “economic territory”.

She explained South Korea would roll out policies and launch projects to boost the country’s competitiveness in the technologies, stating,

“The metaverse sector and other newly emerging industries that promote hyperconnectivity, will bridge the real and virtual worlds and expand the country’s economic territory”

Business projects cited in the meeting included healthcare, manufacturing, education, and others, which would exploit use cases of XR, blockchain, and internet of things (IoT) solutions.

The public sector was also urged to use cloud services developed by private firms, the ministry said, adding it would launch a support centre aimed at facilitating small and medium enterprises (SMEs) and other venture capital-backed firms to build additional blockchain solutions.

Speaking further about the nation’s tech ambitions, the ministry outlined it would boost test beds for IoT solutions by 2023, support local firms to collaborate and develop metaverse platforms from 2022 to 2025, as well as reshape regulatory systems for cloud-based services and revise cybersecurity laws.

South Korea Lands Steps Towards Metaverse

The news comes as East Asian nation, one of the world’s most interconnected ICT hubs, has begun expanding its involvement in emerging technologies amid the rise of the Metaverse.

The Seoul Metropolitan Government announced in July it would create a mixed reality (MR) platform by 2022 to recreate traditional and historic scenes from the Joseon Dynasty in a major partnership with the Cultural Heritage Administration, Cheil Worldwide Inc, and Woomi Construction Group.

South Korean firm AMAXG also confirmed the launch of its “BIZA-Metaversity” eLearning platform, backed by emerging technologies such as AI and blockchain, following a strategic partnership with Metaverse developers K2SOFT and content distribution firm ANISTSR.

One of the nation’s largest telecommunications providers, SK Telecom Co, annouced it had struck a deal with HTC VIVEStudios to design 3D filming solutions after the latter launched its Jump Metaverse platform to create virtual meetings with digital avatars, it was reported in June.

 

 

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