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PRESS RELEASES

'Growth through Innovation' Investment Plan

  • DivisionBudget Office - Research and Development Budget Division
  • DateAugust 13, 2018
  • Tel0442157371

‘Growth through Innovation’ Investment Plan

 

Government to Spend 5 trillion won in 2019

on ‘Growth through Innovation’

 

 

The government unveiled on August 13 its ‘growth through innovation’ investment plan for 2019.  A total of about 5 trillion won, an increase of 2 trillion won compared with 2018, will be spent on the eight pilot projects[1], as well as on the building of a platform economy, such as a digital platform for big data analytics and transactions, and a hydrogen fuel cell supply chain. 

 

The government will invest a total of 9-10 trillion won in a platform economy over the next five years.  Given the impact of a nationwide platform on other industries, in addition to those directly involved, the platform economy will accelerate ‘growth through innovation’. 

 

Four projects to develop a platform economy

 

The government decided to focus on two platforms, a digital platform for big data analytics and a supply chain for hydrogen fuel cells, and announced four projects, including an education project to develop qualified human capital needed. 

 

- Build a big data platform:  The government will focus on promoting big data and AI, developing blockchain technology to ensure data management security and boosting the sharing economy

- Ease data divide:  The government will provide fiscal support to encourage small businesses to use big data, and promote the development of digital trade platforms for exporters

- Build a hydrogen fuel cell supply chain which covers from production to storage, transportation and utilization

- Develop an education program to provide as many as 10,000 qualified workforce over the next five years[2]

 

Investment plan for 2019

 

- A total of 5 trillion won, an increase of 2 trillion won from the previous year:  3.5 trillion won in the eight pilot projects and 1.5 trillion won in a platform economy

- A total of 0.5 trillion won of investment in the four projects to develop a platform economy, a  371 percent increase from the previous year

 

 

Growth through innovation investment, 2018 and 2019

 

(billion won)

 

2018

(A)

2019 plan (B)

Change

(B-A)

y-o-y, %

Big data, AI, blockchain, sharing economy

  • Develop a big data platform
  • Ease digital divide and promote the use of big data analytics

579.9

1,040.0

460.0

79

39.7

190.0

150.0

378

6.8

130.0

120.0

1,765

Hydrogen fuel cells

  • Build a supply chain

42.2

110.0

70.0

166

37.2

100.0

60.0

161

Develop qualified workforce

  • Education program to grow 10,000 workforce

247.9

340.0

90.0

36

24.0

90.0

70.0

292

Subtotal for platform economy (C)

870

1,490.0

620

71

Future cars

590.7

760.0

170.0

29

Drone services

69.8

120.0

50.0

72

New energies

597.1

870.0

280.0

47

Healthcare biotechnology

271.8

350.0

80.0

29

Smart factories

444.6

1,030.0

590.0

133

Smart cities

76.7

130.0

50.0

65

Smart farms

114.4

240.0

130.0

114

Fintech

3.6

10.0

6.0

167

Subtotal for 8 pilot projects (D)

2,168.6

3,520.0

1,350.0

62

Total (C+D)

3,038.6

5,010.0

1,970.0

65

 

Please refer to the attached pdf

 

 


[1] Future cars, drone services, new energies, healthcare biotechnology, smart factories, smart cities, smart farms and fintech

[2] 2,000 for 2019