Korea to invest $2.3 bil. in robot industry by 2030

A service robot is under demonstration during a convention held in Seoul, Dec. 12. Yonhap

Korea's industry ministry said Thursday it plans to invest 3 trillion won ($2.3 billion) in the private sector by 2030 to bolster the competitiveness of the local robot industry.

The move comes in line with the government's efforts to adopt robot technologies in emerging industries including space and aviation, as well as traditional manufacturing sectors, according to the Ministry of Trade, Industry and Energy.

"The government plans to make efforts to expand investment and create new overseas opportunities in order to foster the robot industry as the new growth engine while acquiring technology competitiveness that meets global standards," Industry Minister Bang Moon-kyu said.

Through the investment, the country plans to secure eight key technologies for the robot industry, including automation technology. A comprehensive research road map is expected to be released by the first half of 2024.

The number of robot companies with annual sales above 100 billion won will also reach 30 by 2030, compared with just five tallied in 2021.

The government also plans to raise the number of service robots to 700,000 by the target year, compared with the current estimate of 63,000.

On the back of such efforts, the ministry said the size of the local robot industry is anticipated to reach more than 20 trillion won in 2030, rising sharply from the current estimate of 5.6 trillion won. (Yonhap)