Korean Gov’t to invest US$870 million in IT industry

South Korea’s government said Tuesday that it plans to invest nearly 1 trillion won (US$870 million) in the country’s information technology (IT) industry with 594 billion won earmarked for the development of new technologies.

A total of 956 billion won, up 2.1 percent from 2011, will be spent on the research and development (R&D) of new technologies, as well as human resources and IT infrastructure, according to the Ministry of Knowledge Economy.

The investment plan “aims to strengthen the global competitiveness of the country’s software industry through R&D while promoting the application of information technology in all industrial sectors,” the ministry said.

For full article see Yonhap.