Seoul, May 12, 2014: The South Korean government has set aside 50 billion won (approx. US $48.87 million) to be used over the next five years to seek out new revenue from the Internet of Things (IoT) market.
A report by Korean news agency Yonhap said the country’s Ministry of Science, ICT and Future Planning and Ministry of Trade, Industry and Energy will invest 37 billion won from 2015 in the development of core technologies in IoT. The investment will also look at the development of micro-electromechanical system (MEMS) sensor chips as well as broadband sensing devices. Over 20 billion won will go towards developing the MEMS while the remaining 16.5 billion won will go to broadband sensing devices, related officials said.
Government officials noted that the country’s overall production value of IoT MEMS sensors was targeted to grow to 230 billion won by 2020, compared to 70 billion won last year.
Interestingly, tomorrow, the government of South Korea is slated to inaugurate an IoT innovation centre. A total of 14 companies including Samsung Electronics, LG Electronics, Pantech, SK Telecom, KT, and LG Uplus and major global firms such as Cisco, Oracle, IBM, and Intel, will participate in the initiative. The IoT innovation center in Seocho-dong, Seoul will be headed by the Ministry of Science, ICT and future planning (MSIP), the Korea internet security agency, and other global companies and related agencies.
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