South Korea’s domestic economy is getting an injection of 5 trillion won (about $4.4 billion) next year, for eight different sectors, according to a local media outlet Yonhap.
South Korea’s Finance Minister Kim Dong-yeon, has chosen to invest with a 65% increase in emerging technologies, such as blockchain, big data and artificial intelligence (AI).
The minister is quoted as saying:
“The measures will help facilitate the platform economy, which in turn will help speed up innovative growth.”
According to the finance minister, the amount of investment can reach as high as 10 trillion won over the next half decade.
The minister also stated that the country’s mid-term plans would support 10,000 specialist in the domestic sectors until 2024, with a price tag of 60 billion won (about $53 million).
South Korea has already delved into developing blockchain technology, with supporting cryptocurrency exchanges to focusing on getting their youth educated in the nascent industry.
Seoul has also been taking extreme measures to ease regulation that has be stifling the new sectors emerging due to increasing technologies.
The ministry also announced that the South Korean government will initiate a 2.6 trillion won investment fund for startups this year, the first chunk of the 10 trillion won that will be funded by 2020
With these new proposals the ministry is looking to create 300,000 new jobs by 2022.