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Science ministry to invest 730.8 bln won in software industry

According to Yonhap News,

The science ministry said Tuesday it will allocate 730.8 billion won (US$548.7 million) this year to bolster the local software industry, with a particular focus on the software as a service (SaaS) sector, as part of its effort to enhance South Korea's digital innovation.

Second Vice Science Minister Kang Do-hyun announced the investment plan during his first on-site meeting with software companies since his appointment last month.

The ministry said the country should strengthen its competitiveness in the software industry, emphasizing the critical role of software-defined innovation across all industries.

In detail, the ministry plans to spend 121.9 billion won in improving the cloud computing industry and 2.5 billion won in helping South Korean companies break into the global market.

"It will be difficult for the companies to survive in the times of artificial intelligence innovation without transforming software into SaaS," Kang said.

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Source: Yonhap News (March 4, 2024)

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