This article first appeared on the BNEF mobile app and the Bloomberg Terminal.
- Focus on AI, digital twins, factories and clean energy
- Support for small and medium-size companies included
The South Korean government will spend 4.7 trillion won ($3.9 billion) on innovative sectors in its 2020 budget, up from $3.2 billion in 2019. This includes 5G, digital twins, hydrogen, and artificial intelligence.
President Moon Jae-in’s government reaffirms support of small to medium-size (SMEs) company digitalization: In the budget is a policy to give vouchers to SMEs to buy AI technology or digital twin software.
This money will probably come from Korea’s existing pledge to spend $22 billion by 2022 on new technologies. Korea ranked third in BNEF’s digital industry ranking, with clear policy and significant investment targets.
Korea wants a strong domestic technology sector to build ‘Industry 4.0’ domestically. But it should also be looking to export these technologies to compete with similar strategies in Japan, Singapore, China.
Clients can access the report ‘Industrial Digitalization: National Strategies and Ranking’ on The Terminal or on web.
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