Wednesday, January 14, 2009

South Korea - government funds for telecoms

Gov't to Invest in Broadcast, Telecom Industries

Some W2.8 trillion will be spent over the next five years to develop the broadcast and telecommunications sectors (US$1=W1,352). The Korea Communications Commission announced the plan after technological convergence was selected as one of 17 target areas for economic growth at a National Science and Technology Council chaired by President Lee Myung-bak.

Convergence refers to the combining of the separate spheres of Internet and communications technology with traditional broadcasting. With the money, the commission plans to nurture technologies such as IPTV and mobile Internet or WiBro. The money will also be used to fund six major research and development projects, including development of fundamental IPTV technologies, digital broadcasting and next-generation networking services.

The KCC hopes the plan will boost exports of related products to US$220 billion by 2018 and create an extra 150,000 jobs by the same year.

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