Invest KOREA

According to Yonhap News,

(CHANGWON=Yonhap News) South Korea's chief economic policymaker said Wednesday that the government will roll out a plan to foster an industrial complex studded with smart factories next year.

During a meeting with businesspeople in the industrial city of Changwon, 400 kilometers southeast of Seoul, Kim Dong-yeon said the government aims to nurture smart factories and smart industrial complexes, one of the key policies for innovative-led growth and job creation.

"Smart factories will help raise competitiveness, and revenue, and in turn create more jobs," the finance minister said, vowing to provide full support for smart factories.

Samsung Electronics Co., the leading smartphone maker, said earlier it would, with the startups ministry, help local small and medium-sized enterprises (SMEs) build smart factories.

Under the agreement, the South Korean tech giant and the ministry will raise 100 billion won (US$88.1 million) by each chipping in 10 billion won annually over the next five years to eventually help 2,500 factories establish smart manufacturing systems.

Smart factories are manufacturing facilities that embrace the latest technologies for comprehensive management of the entire process from planning to shipping.

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Source Text

Source: Yonhap News (October 31, 2018)