Korea provides an ideal environment for business success : world-class infrastructure, intellectual property rights protection, high quality of life, FDI-friendly government policies, one-stop investment services and more.
Korea has ranked 1st on the Bloomberg Global Innovation Index 2019 for six 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, manufacturing value-added and high-tech density. This culture of innovation is another reason so many companies have invested in Korea.
Source: Bloomberg Innovation Index (2019)
Korea is a pioneer in the information and communications and technology sector. According to the International Telecommunication Union’s (ITU) Measuring the Information Society Report 2017, Korea ranked the second among 176 countries in the annual ICT Development Index (IDI). 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.
Source: ITU (2017) "Measuring the information ciety Report 2017"
The Fourth Industrial Revolution is a revolution of intelligence based on the hyperconnectivity triggered by ditigal technologies such as artificial intelligence and big data. It refers to the innovative changes not only in the industries but also across the national system, society and the whole life. In particular, converged with the fundamental technologies of each field, digital technologies including network (IoT, 5G), big data (Cloud), and AI software (machine learning, algorithm) are leading the Fourth Industrial Revolution.
The Presidential Committee on the Fourth Industrial Revolution (PCFIR), established by the Korean government based on the Presidential Decree on the Creation and Management of the PCFIR, deliberates upon and coordinates the following.
The Korean government has selected eight leading projects under the four policy directions for the innovative growth. In particular, it decided to spend KRW 5 trillion at the national level to invest in realizing the platform economy in which individual companies can hardly invest.
Source: 2018 Vice Ministerial Meeting on "Innovative Growth" organized by the Ministry of Economy and Finance