Korea unveils roadmap to stimulate economic growth through IoT

The Korean government has unveiled a new roadmap integrating IoT technologies to stimulate economic growth

In Asia, Korea’s Ministry of Science, Innovation and Future Planning has unveiled its new roadmap “Manufacturing Innovation 3.0” that leverages IoT tech to stimulate economic growth.

A statement by the director of the creative economy promotion division of the Ministry of Science, Innovation and Future Planning, Kim You-sik, indicates slowing economic growth in country, which the government aims to address through the implementation of next-generation technologies under its newly created “Manufacturing Innovation 3.0″ programme.

You-sik said: ” The Korean economy is witnessing a slowdown and we are facing a dilemma of maintain the competitiveness of Korean companies while sustaining economic growth.

The director added: “Innovative technology will be the solution.”

Manufacturing Innovation 3.0 is “largely built around the Internet Of Things (IoT), technology that connects online data with physical objects … Korea wants to develop the technology and adapt it to make devices ranging from automated cars and smart clothes to flexible batteries,” reports the FinanceAsia.

Next-gen IoT tech

Innovation 3.0 will integrate 5G communication technologies, the next evolution in mobile network technology. Korea has set out a 5G roadmap, which will see the commercialisation of the technology in the country by 2020.

Jason Chung, Nokia’s head of research and development in Korea said: “The development of 5G in Korea is still in a preliminary stage as we are yet to confirm details such as frequency, data transmission and network security. But the infrastructure has been mostly in place and we are expecting to launch a full-servi8ce trial at the 2018 Winter Olympics.”

The roadmap includes the identification of 13 growth-engine projects, in a bid to create a “manufacturing ecosystem” based on the Internet of Things and other technologies.

The Ministry hopes that the introduction of digital technologies in the new manufacturing ecosystem will bring about a range of new products – including new materials, autonomous vehicles and robotics, as well as health and safety functionality.

Lee Chang-hoon, senior deputy director of the industrial policy division at the Ministry of Trade, Industry and Energy said: “The automobile, machinery, textile and electronic appliance segments are facing increasing global competition and therefore need to be upgraded to stay competitive.”