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According to Yonhap News,
North Chungcheong Province announced on Dec. 25 that the local authority will spend as much as KRW 118.2 billion on projects to seek future growth engines, a 170 percent jump from this year’s allocation KRW 43.8 billion, in an attempt to further develop artificial intelligence and ICT. Part of the budget came from national spending, KRW 62.7 billion, which went up by 134 percent from KRW 26.7 billion for 2019.
The outline for the projects is to create a platform to foster small but strong businesses, to form a local testing ground for autonomous vehicles and to offer a package of support programs to help startups. The province also newly sets up an incubating center to take special care of business as new driving force in the coming years.
This incubating center consists of four different parts- R&D, semiconductor, automobile and materials / parts, which will take a role of advancing technologies associated with the fourth industrialization such as artificial intelligence, ICT, semiconductors, augmented –virtual reality and future mobility.
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Source: Yonhap News (Dec. 25, 2019)
*This article was translated from Korean.