Finance 2023-02-20 16:41 Robot delivery service available for Korean consumers from 2026 Choo Kyung-ho, Deputy Prime Minister and Minister of Economy and Finance, addresses an emergency meeting of economy ministers at the Sejong government complex on Monday. Yonhap
Gov’t reveals detailed plans to develop new growth engines
By Yi Whan-woo
The government said Monday it will push to commercialize parcel delivery by robots and drones by 2026 and 2027 respectively, on its way to building a next-generation logistics system.
It also said it will begin urban air mobility (UAM) vehicle testing with six Korean consortia to fully commercialize in 2025 and open an independent organization by the end of this year to support a state-led aerospace program and air and space research is responsible.
These measures, announced during an emergency meeting of business ministers, were part of the government’s progress under a 15-project economic development plan dubbed New Growth Strategy 4.0.
The blueprint was unveiled in December 2022, in line with efforts to foster private-sector-led engines of growth amid the growing need to reverse a productivity slowdown.
The 15 projects relate to future mobility, independent space exploration, quantum technology, medical technology, green energy, artificial intelligence-based (AI) digital technology, smart logistics, climate-neutral cities, smart agriculture, smart grids, semiconductors and displays, and Bio Cluster, a tourism Clusters centered around Cheong Wa Dae’s former presidential office, research and development on special visual effects, metaverse and virtual reality, and winning overseas mega deals for construction, defense and nuclear power plant projects.
“It is important that the government seeks proactive investments in forward-looking sectors to revitalize the economy,” Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said during the emergency meeting.
In order to ensure the timely implementation of the 15 projects, the government plans to announce at least 30 follow-up actions in 2023, with more than 20 within the first half of the year.
In the field of tourism, the government wants to build five resorts that can be compared to Mexico’s Cancun from 2027.
Accordingly, it is pushing to present a master plan for tourism and leisure cities in coastal areas by the end of 2023.
The research and development on special visual effects, metaverse and virtual reality aims to create a domestic version of the Walt Disney Company to better capitalize on the popularity of Korean films and dramas.
To make this possible, the government plans to set up a 410 billion won ($316 million) fund by the end of 2023, half of which will come from the private sector.
Another 500 billion won in funds will be raised in the first half of this year to develop vaccines and treatments for infectious diseases.
The government will select candidates for net zero cities in the second half of 2023, eventually becoming carbon neutral by 2030.