BUSAN, Aug. 9 (Korea Bizwire) — The Busan Metropolitan Government has announced plans to invest almost 12 billion won into developing wearable robots for the elderly over the next four years.
Busan’s project dubbed ‘soft wearable suit technology development venture’ was recently picked up by the Ministry of Science, ICT and Future Planning (MSIP), as part of the government branch’s contest for ICT technology projects, the local government announced on Tuesday.
Soft wearable suit technology development projects are often intended to cater to the elderly using intelligence information technology in the form of an outfit to help ensure walking safety, for instance.
With the go-ahead from the MSIP, the Busan government has secured 9 billion won in government funding as well as 1.8 billion won out of its own pocket and 1 billion won in private investment, all of which will be used to develop a soft wearable suit by 2020.
Working in collaboration with the Korea Institute of Robot and Convergence (KIRO) and other institutions, the Busan government is set to establish a new KIRO branch in September, with further plans to launch other robot-related business projects in the future.
“Based on our experience of research and development in the field of robotics and convergence, we hope to create momentum for growth and contribute to boosting the local economy of Busan,” a Busan government official said.
The international market for wearable robots, also known as exoskeletons, is expected to reach $2.1 billion by 2021, according to industry reports.
Ashley Song (email@example.com)