Asia Express - Consumer Electronics
Korea Earmarks Over USD 4.4. Billion for Blockchain and AI in 2019
August 24, 2018

The Korean government recently announced that it has allocated 5 trillion Won (USD 4.4 Billion) budget for the next year's development of its innovation program in eight key sectors with a specific focus on big data, Blockchain, and AI (Artificial Intelligence), the TechNews reported on August 16. This has marked a 65% increase compared to the budget it allocated for 2018. Ultimately, the government strives to develop the platform economy by facilitating the development of these innovative sectors. According to the statistics by the Finance Ministry of Korea, Korea has allocated a total of USD 511 million for big data, AI, Blockchain, and sharing economy this year and has boasted to rise to USD 918 million in 2019, representing a nearly 80% year-on-year increase. In addition, the government has also budgeted around USD54 million for recruiting and educating 10,000 talents required in these eight key sectors. On top of that, several state-led companies reportedly will deliver up to USD 26 billion in aid for the USD 4.4 billion program.