The trade ministry is joining forces with some of the Korea's biggest businesses to ensure the country does not trail behind in our rapidly changing world.
Tens of billions of dollars will be injected into next-gen tech initiatives to ensure South Korea stays ahead of the curve.
Kim Hyesung gets us better acquainted with "Industry Innovation 2020 Platform"
The Korean government will work with local companies to sharpen the country's edge in future industries.
Seoul's Ministry of Trade, Industry and Energy announced its new industry development plan on Friday with businesses in the private sector.
Dubbed the "Industry Innovation 2020 Platform," Korean businesses will invest up to 150 billion U.S. dollars over the next five years in new industries like driverless cars, renewable energy and the Internet of Things.
The ministry said it expects the massive cash injection to create around 200-thousand new jobs by 2022, and about 27-thousand jobs this year alone.
It will support the plan by nurturing talent and easing regulations to allow businesses to test their products and services.
The goal is to create more innovative products and enhance competitiveness in five major industries, including electric and driverless cars, IoT-based home appliances, semiconductors and displays, renewable energy and biotech.
The ministry said it will increase the percentage of R&D investment on these industries from the current 30 percent to 50 percent by 2022 and improve Korea's intellectual property related laws.
Kim Hyesung, Arirang News.