1^st Ministerial Meeting to Promote Innovation in Industries

3^rd Ministerial Meeting on the Economy of 2019

 

Government Launches Ministerial Meeting to Promote

Innovation in Industries

 

 

Deputy Prime Minister, Hong Nam-ki, presided on January 16 over the 1^st Ministerial Meeting to Promote Innovation in Industries, another name for the 3^rd Ministerial Meeting on the Economy of this year.  The regularly held Ministerial Meeting on the Economy will have two other names in 2019, the Meeting on Boosting the Economy and the Meeting to Promote Innovation in Industries.   New industries and startups, as well as innovation in major industries and services will be main topics of discussion in the Ministerial Meeting to Promote Innovation in Industries.  The 1^st Meeting discussed plans to support the development of big data and AI, promote the hydrogen economy and achieve ‘Big Innovation’, which the government outlined in the 2019 economic policies, designating 12 industries its support will be focused on.

 

The following is a summary of DPM Hong’s keynote address.

 

Big data, AI and hydrogen energy are at the center of the government’s attention in its pursuit of innovation-driven growth.  We will discuss today mid-term plans to promote these three areas, and along with the plans to develop human resources that will lead the 4^th industrial revolution, announced late last year, the mid-term plans will pave the way for a platform economy.  We will spend around 10 trillion won on a platform economy over the next 5 years to 2023, a total of 1.5 trillion won spent in 2019.

 

Big data and AI

 

The government will work for big data markets to grow as much as 30 trillion won by 2023, as well as work to grow 10 AI unicorns.  We will also develop as many as 10,000 experts in big data and AI.  The mid-term plan includes

 

- Set up a total of 100 big data centers and 10 big data platforms to promote data production, as well as their uses

- Build an AI hub where important algorithms, computing power and datasets are accessible, thus promoting the development of AI services

- Build a cluster where the convergence of big data and AI are sought

 

Hydrogen economy

 

- Have devised plans covering from hydrogen production and storage to transportation, usage and safety

- Increase hydrogen fuel cell cars from 2,000 in 2018 to around 80,000 in 2022

- Work to establish an ecosystem where large companies and SMEs can grow together, high quality human resources are developed, and industries work on global standards

 

‘Big Innovation’

 

The government outlined ‘Big Innovation’ in the 2019 economic policies, which covers 12 major industries in manufacturing, services and new technologies.  Followings are actions plans for the outline.

 

- Draw up a roadmap to 2030 for major industries, paying a special attention to automobiles, vessels, displays and petrochemicals to help them increase competitiveness

- Work to promote service industries which create more jobs and high added value, paying a special attention to tourism, healthcare, game & contents and logistics to provide them with strong support and reduced regulations

- Work to promote new industries, focusing on smart factories, future cars, fintech and biohealth technology to give them improved regulations and fiscal support

 

The government will announce details in the first quarter, and will work for the economy to see outcomes in the first half.

 

 

 

Please refer to the attached pdf