10,000 plants to become ‘smart’ by 2020, private – government to invest KRW 1 trillion

The government, through private – public joint effort, will promote a project to intellectualize and optimize entire production processes in 10,000 plants of small and medium-scale manufacturing companies by 2020 with an investment of KRW 1 trillion. The goal is to foster the three soft powers of manufacturing industry, which are engineering, design and embedded software, into new innovation industry to continue on the success of materials and parts industry.

On the 26th, the Ministry of Trade, Industry and Energy (MoTIE) announced ‘Manufacturing Industry Innovation 3.0 Strategy for Creative Economy’ at a talk in Cheong Wa Dae with chairmen from the Chambers of Commerce across the country invited by President Park Geun-hye.

“As convergence between manufacturing industry and IT, software, service and other industries spreads throughout the world, new production methods, such as 3D printing and smart plant, are coming up to the surface,” said Trade, Industry and Energy Minister Yoon Sang-jick. “To respond to this trend, we need to change our strategy from pursuing to leading the advanced countries and promote evolution of Korea’s manufacturing industry.”

For full article, see Korea IT News.