South Korea to strengthen software industry, launch IT Future Vision 2020 plan

By eGov Innovation Editors | Jan 10, 2012

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South Korea's  Ministry of Strategy and Finance said the government is expanding financial assistance for new growth engines from 3.4 trillion won in 2011 to 3.9 trillion won in 2012, focusing primarily on strengthening the structure of the software industry, and establishing the “IT Future Vision 2020” plan.

This is part of the 5 main policy tasks the government has set for the year, namely price stabilization, increase of youth employment, soft landing for household debt, promotion of domestic industries, and expansion of groundwork for 17 new growth engines.

The MOSF has also released a new report on Korea Korea’s national competitiveness, which compares the country to 34 OECD member states in areas such as the economy, integration of society, environment and infrastructure.

"The government plans to utilize the report as a basis for the direction of policy such as a comprehensive strategy for strengthening national competitiveness," the ministry said in a news release.

The Korean government has pursued the national competitiveness thrust in 2011 and has been ranked by the World Bank as the 8th best place in the world to do business.

Among the key policy results and achievements in 2011 include the landmark feat of achieving US$1 trillion in trade volume, becoming the 9th country in the world to do so. MOSF said the country achieved the goal faster than the other 8 countries, as it took only 50 years from the country’s 1st five-year plan that started in 1962.

Other achievements include expansion of FTAs with other countries, acceleration of green growth and development of science and technology.

The MOSF said Korea now has FTAs with 45 countries, which are equivalent to 60.9 percent of the world economy in terms of GDP. Meanwhile, the greenhouse gas emission trade act has been submitted to the National Assembly, while the R&D budget for science and technology has been increased.