South Korea to Invest US$357 Million over Next Four Years in Smart Device Industry

South Korea will invest 420 billion won (US$357 million) to foster the so-called smart device industry over the next four years amid slowing growth in the traditional smartphones and PC industries around the globe, the government said Tuesday.

The Ministry of Science, ICT, and Future Planning said it is shifting focus as the country’s traditional tech industries have been slowing down throughout 2015. This raises the need to find new growth engines in other areas such as wearables and Internet-of-Thing (IoT) devices to compete with other global tech giants.

The world’s smartphone market is expected to grow 8.9 percent on-year in 2015, significantly slowing from 51.7 percent posted in 2011, the ministry said.

The ministry said the latest trend of the smart device market contrasts with previous devices such as smartphones, as they connect to the surrounding environment to provide intelligent services, such as smartwatches or glasses.

Through the investment, the government plans to foster 300 local smart devices companies that can compete on the global stage.Read more

Source: YONHAP News Agency; image: businesskorea.co.kr