According to Yonhap News,

(SEOUL=Yonhap News) South Korea said Monday it will strengthen cooperation with China for the development and marketing of virtual reality (VR) gear and related products, to take a lead in the burgeoning but promising sector.

The Ministry of Science, ICT and Future Planning plans to organize a "South Korea-China VR business day" event in Shanghai on Tuesday, setting the stage for more than 60 firms from neighboring countries to explore partnerships in the rapidly growing industry.

They include South Korea's SKONEC Entertainment, the producer of the nation's first VR shooting game MortalBlitz, and China's largest mobile gamemaker Tencent.

Virtual reality is an integration of hardware, software, and virtual content designed to provide users with the simulation of a physical presence in a real or imagined world.

The global VR market is estimated at US$4 billion this year and expected to grow to $150 billion in 2020, according to the ministry's data.

Earlier this month, South Korea announced plans to spend 185 billion won ($150 million) over the next three years to promote the domestic VR field and support the development of relevant platforms, games and theme parks.

"The VR industry is drawing the world's attention. It's important to take the initiative in the global market through partnerships with China based on our development experience and technology," Kim Jong-sam, a ministry official, said.

lcd@yna.co.kr

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