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Regulatory ‘Sandboxes’ Help Ease Regulations for New Innovations

Regulatory ‘Sandboxes’ Help Ease Regulations for New Innovations

SEOUL, Jan. 11 (Korea Bizwire) — Hydrogen charging stations are crucial to boost the popularity of hydrogen electric vehicles, but it is practically impossible to install these stations in commercial areas under current laws. According to the Ministry of Trade, Industry and Energy on January 10, a method has been found to install the charging [...]

S. Korea Announces Plans to Raise Quality of Life by 2040

S. Korea Announces Plans to Raise Quality of Life by 2040

SEOUL, Dec. 19 (Korea Bizwire) — The South Korean government announced plans to achieve a 75 percent employment rate, 78 years of healthy life expectancy and a 10 percent relative poverty rate in a bid to rank South Korea among the world’s top 10 countries for quality of life by 2040, via its social security [...]

Government Aims to Make “Smart Construction” Possible by 2030

Government Aims to Make “Smart Construction” Possible by 2030

SEOUL, Nov. 1 (Korea Bizwire) — The South Korean government has established plans to create a system that utilizes smart construction technology by 2025 and to implement an automated construction system by 2030. This is according to the “smart construction technology roadmap” drawn up by the Ministry of Land, Infrastructure and Transport. Smart construction incorporates [...]

Gov’t Launches New Fund to Invest in Startups

Gov’t Launches New Fund to Invest in Startups

SEOUL, Sept. 3 (Korea Bizwire) — The government on Monday launched a 3 trillion-won (US$2.7 billion) fund to invest in promising startups as it seeks to promote innovation-led economic growth. The government has unveiled a set of support measures to boost innovative growth by providing funding and other incentives to eight key sectors, such as [...]

Gov’t to Bolster Chip, Display Industries, Improve Localization

Gov’t to Bolster Chip, Display Industries, Improve Localization

SEOUL, Feb. 8 (Korea Bizwire) — The industry ministry launched a project Thursday to bolster the country’s semiconductor and display sectors through new technology development and localized production. The project will be driven by the “Gap 5″ strategy, under which South Korea will try to maintain a five-year lead compared to emerging economies in the [...]

Gov’t Pushes for Deregulation, Higher Services R&D Spending

Gov’t Pushes for Deregulation, Higher Services R&D Spending

SEJONG, Feb. 7 (Korea Bizwire) — The government said Wednesday that it will seek drastic deregulation and greater spending on research and development (R&D) to raise service sector competitiveness and find a new growth engine. The nation’s service sector needs to be transformed through innovative growth driven by policy backup, thus creating more quality jobs, [...]

Gov’t to Launch 2.6 tln-won Investment Fund for Startups This Year

Gov’t to Launch 2.6 tln-won Investment Fund for Startups This Year

SEJONG, Jan. 17 (Korea Bizwire) — The government will launch a 2.6 trillion-won (US$2.45 billion) investment fund for startups this year, the first portion of a proposed 10 trillion-won investment fund that is to be created by 2020, the finance ministry said Wednesday. Earlier, the government said it will allocate 30 trillion won over the [...]