Robot sales target raised to $2.68 bn this year

South Korea plans to spend over 170 billion won ($150 million) this year to nearly double combined sales of the nation’s robot industry, the government said Thursday. Under the plan, the government will spend a total of 173.8 billion won for the research and development and training of experts, according to the Ministry of Knowledge Economy (MKE).

Of the total, 109.5 billion won will be spent to promote developing original technologies and hybrid products and another 46.4 billion won to help expand the market for the country’s robot industry. The local robot industry was estimated to reach sales of 1.41 trillion won in manufacturing robots, 271.2 billion won in service industry robots and 102.6 billion won in parts supply in 2010.

Such efforts will help double sales by the robot industry from about 1.7 trillion won in 2010 to three trillion won ($2.68 billion) this year, the ministry said.

Source: Daily Business.