Government to invest ￦420B on non-smartphone technology

The government is planning to invest 420 billion won ($355 million) on major smart device makers and other small parts and software developers by 2019, mainly towards projects working on non-smartphone technologies.

The move is part of the government’s efforts to catch up with the global IT device market, of which the industry is quickly changing from PC and smartphones to wearable devices and communication devices for Internet of Things (IoT) services.

According to the Ministry of Trade, Industry and Energy and the Ministry of Science, ICT and Future Planning, the fund will mostly go towards commercialization of existing technologies by small developers, and to parts and module research projects that involve wireless charging, bio-signal recognition, energy efficiency, and light and image sensor technologies.

Every year, the funding will help more than 200 technological projects through 17 centers set up nationwide for creative economy and innovation.

The fund will also be used to test new IoT technologies like smart home, driverless car and healthcare devices. The plan offers a free testing infrastructure to device developers who are producing products for overseas markets that use different telecom and network technology standards.