SEOUL, Feb. 19 (Korea Bizwire) – The South Korean government is set to bolster the game industry, which it sees having great potential to become the next growth engine, as economic growth remains sluggish.
On Friday, the Ministry of Culture, Sports and Tourism and the Ministry of Science, ICT and Future Planning announced a set of measures designed to promote the industry.
Those measures include new investment, especially in virtual reality (VR) technologies, a sector believed to have high growth potential; deregulations, including raising maximum betting limits in some web-based games; and helping game companies with their overseas expansion efforts.
South Korea’s online game market had grown rapidly before reaching a plateau in the last few years, with the market size around 9.97 trillion won (US$8.7 billion). The number of new users is on the decline, as the domestic game industry is believed to have matured and competition from China has risen rapidly.
As part of these efforts, the Culture Ministry also plans to build what it calls a “game boost center” south of Seoul in Pangyo, where a cluster of IT companies is located. The center, slated to be completed by April 2018, is expected to take a central role in the growth of the industry.
“The gaming industry can create high-quality jobs for young people, including programmers and graphic designers,” Culture Minister Kim Jong-deok said. “The ministry will work closely with the Ministry of Science to usher in the renaissance of the gaming industry.”