S. Korea to invest 2.6 trillion won in hyperconnectivity

South Korea will invest 2.6 trillion won in hyperconnectivity and related technologies for newly emerging services by 2025.

The Ministry of Science and ICT identified the emerging services as metaverse, blockchain, and cloud technology.

According to Minister Lim Hye-sook, the emerging industries that promote hyperconnectivity will bridge the real and virtual worlds and expand South Korea’s economic territory.

The ministry, says Lim, will roll out policies and initiate business projects that will keep South Korea ahead in the newly emerging areas.

The business projects will increase their uses of extended reality, blockchain, and internet of things services in manufacturing, healthcare, and education.

The ministry, which is encouraging the public sector to use cloud services provided by private firms, will launch a support center to assist small and medium-sized enterprises and venture companies in developing new blockchain services and advance local testbeds for IoT technologies.

South Korea will support local companies in developing open metaverse platforms.