The government plans to designate two cities where local and foreign companies developing businesses related to Internet of Things (IoT) technologies can test products and services and get consumer feedback. Under the plan, the central and regional governments will establish a fund to establish super-fast telecom networks and basic data transfer infrastructures. The cities will test smart health care devices and a digitized public administration system. The testing will last three years.
The Ministry of Science, ICT and Future Planning (MSIP) announced Thursday it will allocate 12.6 billion won ($11.5 million) this year for the project, 7.5 billion won for the smart health care project and 5.1 billion for the smart public administration project. The ministry will begin accepting project applications from city governments today. The IoT test-bed project is part of the government’s effort to help private sector IT companies, and it will be a first step toward studying the impact of IoT devices on the legal system.
For full article, see Joongang Daily.
The Ministry of Trade, Industry and Energy (MOTIE) says state-run power companies will spend a total of 79 billion won ($71 million) on cybersecurity this year, an increase of 18 billion won. Minister Yoon Sang-jick on Thursday afternoon met with CEOs of 17 state-run energy companies, including the Korea Electric Power Corporation (Kepco), Korea Hydro and Nuclear Power Corporation (KHNP) and Korea Power Exchange.
Kepco, the nation’s sole power distributor, will get 28.4 billion won and KHNP 11.5 billion won. Each of the other companies will receive up to 4 billion won. The budget will be mostly spent on hiring security experts, maintaining internal network infrastructure and expanding maintenance teams. All 17 power companies will have to structure their internal network in five systems, from the current three.
The current system is broken down into a regular network that can access the Internet, an intranet that mainly deals with document processing, and an exclusive network to control the power plant. From now on, the intranet will have an additional system for confidential technical documents like power plant blueprints. The power plant control system will also be split into two networks to beef up security.
For full article, see Joongang Daily.
Lee Suk-chae, chairman and CEO of telecommunications giant KT, vowed Tuesday to develop more content-oriented revenue sources, saying it can’t survive by only sticking to its conventional business models. He said the nation’s dominant fixed-line operator is going to spend 3 trillion won by 2017 on a “network revolution” in a strategy to offer creative contents and services that run on faster networks.
In detail, the company plans to invest 2.5 trillion won in backbone networks, while the remaining 500 billion won will be used to speed up networks for households.
For full article, see Korea Times.
South Korea launched an IT consortium for global exports of IT technologies, said the Korea Trade-Investment Promotion Agency (KOTRA), a governmental agency designed to promote international trade. This consortium will consist mostly of outstanding firms and firms recommended by relevant institutions in the field, and KOTRA will be offering various support to aid overseas expansion of the consortium.
The consortium will include companies specializing in: IT convergence related to energy conservation, mining, network equipments, display equipments and parts, trade information system, corporate solutions, rail management system, RFID (radio frequency identification), and medical IT solutions. A total of 86 small and mid-sized businesses (SMBs) based in Korea will be part of the consortium. The targeted export markets include the US, China, Indonesia, Peru, the Czech Republic, and DR Congo.
“The convergence of IT with other industrial sectors is occurring at a swifter pace than ever, while demand for such packaged products are growing faster than for any products with single specialization. By forming this consortium, we are opening new doors for Korea’s IT exports and establishing an ideal model for win-win cooperation,” explained KOTRA President Oh Young-ho.
Source: Maeil Business.