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| Choo Kyung-ho, right, deputy prime minister for economic affairs, speaks during a service industry development task force meeting at government complex in Seoul, Monday. Yonhap |
By Baek Byung-yeul
The government will expand software-centered information and communication technology (ICT) exports, such as AI and metaverse, and promote market diversification to help domestic companies enter the Middle East, Japan and ASEAN markets as Korea's exports show signs of being impacted considerably by the U.S.-China trade dispute and the global economic downturn, officials said, Monday.
The Ministry of Science and ICT announced a strategy to expand the country's high-tech exports by encouraging domestic companies to enter new markets and foster innovative companies in the software sector during a service industry development task force meeting chaired by Choo Kyung-ho, deputy prime minister for economic affairs, and minister of economy and finance.
Korea has been focusing on hardware-centered ICT exports, such as semiconductors, displays and smartphones. But due to the global economic turmoil, it has decided to make a paradigm shift in exports.
"As the structure of the country's ICT exports is centered on memory semiconductors, a short-term recovery in the second half of this year is expected to be difficult. We need to create opportunities in terms of products and markets in order to offset this slump," Park Yun-kyu, vice minister of science and ICT, told reporters.
The vice minister said the government will support domestic companies that have responded well to the rapidly changing digital technologies to advance into not only the domestic market, but also overseas markets.
"By actively responding to the spread of AI services like ChatGPT and accelerating digital transformation, the government will diversify our export products and foster new markets. Based on our accumulated digital capabilities, we will unite public and private attempts to maximize opportunities and make every effort to revitalize exports," the vice science minister said.
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| Majed Al-Hogail, minister of Municipality, Rural Affairs and Housing of Saudi Arabia, shakes hands with Naver's robot arm Ambidex during his visit to Naver's headquarters in Seongnam, Gyeonggi Province, Nov. 29, 2022. The government said Monday that it will promote digital technology exports to various regions including the Middle East. Courtesy of Naver |
The government will promote high-level meetings with countries in the Middle East, including the United Arab Emirates (UAE) and Saudi Arabia, to establish a foundation for investments and joint business cooperation between digital companies.
It will also dispatch a joint public-private digital export development team to Saudi Arabia and the UAE in October, aiming to participate in the Neom smart city project promoted by Saudi Arabia and attract investments from the UAE's sovereign wealth fund.
On Tuesday, the ICT ministry will also dispatch a joint public-private digital export promotion team to Southeast Asian nations, such as Indonesia, Singapore, and Vietnam, to explore emerging markets. Led by the vice science minister, more than 100 officials from domestic digital companies and organizations will participate to provide customized export assistance to each Southeast Asian country.
The government will also strengthen cooperation in the digital sector with Japan, with which it has improved relations at the national level.
In May, the ICT ministry and Japan's Ministry of Internal Affairs and Communications agreed to establish the Korea-Japan Digital Policy Forum, a ministerial consultative body, and hold its first meeting later this year.
The two countries also agreed to cooperate in advanced digital fields, such as AI, Open-RAN and quantum communication. In order to expand business exchanges, the two countries will establish a private sector-led Korea-Japan Business Forum and propose cooperative measures such as inviting companies from the other country to participate in ICT exhibitions held by the two countries and supporting the operation of exhibition pavilions.
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