Korea set to build up IT exports

The Ministry of Knowledge Economy said Thursday (July 10) that Korea will seek to build up its information technology (IT) sector into a $200 billion export business by 2012 through convergence and strengthening of its support infrastructure.

The "New IT Strategy" calls for 3.5 trillion won ($3.5 billion) of state funds to be spent on research and development and creation of domestic demand that can help fuel exports and production, the ministry said. An additional 280 billion won will be earmarked for the training of qualified experts in this field.

It said the plan could boost IT production to 386 trillion won in five years, create 10 new domestic IT convergence industries worth 1 trillion won each and help establish at least 1,000 companies with annual sales exceeding 50 billion won.

Exports of IT products stood at $131.7 billion in 2007, while production reached 267.6 trillion won.

Korea's IT sector grew 22 percent on average in the 1996-2001 period, but growth has dropped to 9 percent from 2002 to 2006.


By Yoon Sojung
Korea.net Staff writer