South Korea’s government said Thursday it will allocate 2.2 trillion won (US$2 billion) for research and development (R&D) projects throughout 2022 to better prepare for what it calls the fourth industrial revolution.
Under the project dubbed “I-Korea 4.0,” the Presidential Committee on the Fourth Industrial Revolution said it will secure new growth engine for the country by expanding industries’ productiveness and competitiveness under the idea of “intelligence, innovation, inclusiveness, and interaction.”
The government said the project will generate some 366,000 new jobs along with 128-trillion-won worth of wealth by 2022.
“The National Assembly and the government both consider the fourth industrial revolution as crucial,” said Science Minister Yoo Young-min, claiming the ministry will bring different governmental bodies together to promptly carry out projects.
The government said it will foster some 46,000 R&D experts, while providing education programs to South Korean workers to cope with the changing scope of the labor market. It will expand the benefits of employment insurance to provide people with stronger social safety net.
Seoul will also give more leeway to businesses through deregulation, and assist projects to adopt the fifth-generation network by March 2019.
For profitable emerging businesses with high risks, the government said it will create a fund worth 10 trillion won to support them financially.
The government will also adopt robots to support patient care, and provide subsidies to elderly citizens suffering from Alzheimer’s.