Korea is a global innovation leader in a broad range of fields,
including ICT platforms and process innovation.
Korea has ranked 1st on the Bloomberg Global Innovation Index 2015 for three years in a row, a ranking of the world’s 50 most innovative countries carried out by Bloomberg. Korea ranked especially high for R&D spending, education and patents. This culture of innovation is another reason so many companies have invested in Korea.
2017 Bloomberg Innovation Index Rankings
* Source: Bloomberg Innovation Index (2017)
ICT innovation capability
Korea is a pioneer in the information and communications sector.
In 2015, the nation was ranked first in the International Telecommunication Union’s annual ICT Development Index (IDI), a composite measurement of the level of ICT access, use, and skills of 167 countries. In addition, Korea’s Electronics and Telecommunications Research Institute (ETRI) was ranked first for five consecutive years on the U.S. business patent advisor IPIQ’s Innovation Anchor Scorecard.
Korea’s ICT innovation extends beyond information and communications technology, enabling ICT convergence across a broad spectrum of fields, including bio, finance, logistics, tourism and culture.
Competitiveness of global Korean companies like Samsung Electronics, LG Electronics, and Hyundai Motor is built on their ability to maintain and improve their manufacturing processes in a timely and precise manner.
The manufacturing capability based on Korea’s process innovation will provide opportunities for domestic and foreign companies that wish to capitalize on process innovation capability.
2015 ICT Development Index
* Source: International Telecommunication Union (ITU), "Measuring the Information Societ Report 2016)"
* Source : KAMA, Bloomberg, Z/Yen group, Nikkei, WIPO, OECD, ACI (2015)
Creative economy innovation centers
The Korean government has suggested a “creative economy” as the new economic development paradigm
and strives to establish a creative economy ecosystem by building platforms. The government kicked
off the project by establishing a “creative economy town” in September 2013, an online platform to
commercialize the ideas of the public. With the first creative economy innovation center built in Daegu
in September 2014, a total of 18 creative economy innovation centers are now in place across the nation as of July 2016. Thanks to the centers, which will play a pivotal role in supporting startups and small- and medium-sized companies (SMEs), Korea is now equipped with on and offline creative economy platforms across the nation. The centers have supported a total of 1,135 startups and attracted a total of KRW 222.3 billion and the incubation centers have helped them create 1,359 new jobs and record about KRW 160.5 billion in sales.
Support of Creative economy innovation centers
* Source : Creative economy innovation center webesite (https://ccei.creativekorea.or.kr)
Creative economy innovation centers in Korea
seoul city (city life) july, 2015
incheon city (logistics) july, 2015
south chungcheong province
(solar photovoltaic energy) may,2015
sejong city (smart farm) june, 2015
daejeon city (ict) october, 2014
gwangju city (automobiles)
north jeolla province
(carbon fibers) november, 2014
jeju island (it-tourism)
gyeonggi province (games·fintech)
gangwon province (big data)
north chungcheong province
(bio·beauty) february, 2015
north gyeongsang province
(smart factory) december, 2014
daegu city (electronics·textile)
ulsan city (shipbuilding)
busan city (distribution·movies)
south gyeongsang province
(smart machinery) april, 2015
south jeolla province
(agricultural and fisheries products)