SEOUL, Aug. 26 (Korea Bizwire) – The industry ministry of Korea announced that it would reinforce its support for software-convergence components by selecting 20 core parts to be embedded in wearable devices or next generation displays.
On August 25, the Ministry of Trade, Industry and Energy selected the 20 core parts essential for the advancement of the industry structure, and convened a discussion session to gather opinions to develop related technologies.
The 20 core components include parts for wearable devices, OLED displays, high-quality tangible multimedia, smart sensors, and high-definition control devices. The ministry explained that the core parts were selected based on their ripple effects to related manufacturing industries.
According to the Korea Evaluation Institute of Industrial Technology, the private sector is expected to invest approximately 350 billion won in the 20 core components by 2018, generating 7 trillion won worth of revenue and creating 4,000 new jobs.
As of July this year, Korea exported US$110.4 billion worth of components, garnering US$50.7 billion in trade surplus, or 35 percent of Korea’s total exports, and 94 percent of the trade surplus earned by Korea during the period.
By Kevin Lee (firstname.lastname@example.org)