Government boosts IT spending by 10 percent

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Government boosts IT spending by 10 percent

Korea plans to step up its investment in information technology this year to boost the competitiveness of the nation’s emerging growth potential, government officials said yesterday.
The Ministry of Information and Communication said it has set aside 963.4 billion won ($979.7 million) for IT investment this year, up 10.1 percent from a year earlier.
The investment will break down into 707.6 billion won for research and development, 114.5 billion won for education programs and the rest for IT infrastructure.
Most of the R&D investment will be used for developing technologies such as wireless Internet and digital multimedia broadcasting, which are both core technologies that the ministry has pursued as new driving forces of the IT sector.
Robotics and radio frequency identification will also be supported by the investment, the ministry said.
In an effort to provide necessary IT workers, the ministry said it will invest 114.5 billion won this year, up 6.2 percent from the previous year’s 107.8 billion won.
With the money, the ministry plans to open about 50 research institutes nationwide designed to provide high-quality IT education, while offering financial support to 150 local colleges.
The ministry also said it will spend 33.5 billion won on standardization of technologies in the global market to preempt new markets, and 107.4 billion won on IT infrastructure.
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