Korea's growth strategy includes flying taxis and drone delivery

Finance Minister Choo Kyung-ho announces the government's new growth plan during an emergency economic meeting held at Sejong on Monday. [YONHAP]

Flying taxis by 2025. Spacecraft on the moon in 2032. A 30 percent share in the 6G market by 2030. Robot delivery in 2025. Drone delivery in 2027.

These are some of the goals set out in the Korean government's “new growth 4.0 strategy,” details of which were released Monday.

In total, 15 areas have been targeted by the government: future mobility; space exploration; quantum technology; future medical technology; energy technology; AI and 6G communication networks; next generation logistics; carbon neutral cities; smart farms; smart grids; global No.1 in strategic industries including semiconductors, batteries and carbon-free and autonomous ships; bioscience innovation; K-culture and tourism; Korean content development; and overseas “big deals,” including construction, defense exports and nuclear power plant contracts.

One of the areas that the government is speeding up is the commercialization of flying cars. It plans to open a test bed for Urban Air Mobility (UAM) in Goheung, South Jeolla, in August.

Major private companies, including Hyundai Motor and Korean Air, are to develop the vehicle, while SK Telecom, KT and LG U+ will participate in the development of traffic control.

The testing in the center of cities will be happen next year.

The government also plans to establish a precision digital map, which will also allow the commercialization of fully autonomous vehicles by 2027. The government hopes to popularize self-driving vehicles by 2035.

Also this year the government plans to launch the third Nuri-ho within the first half, with other launches to be made every year until 2027 as part of the space program. The repeated launching of the rockets is to further advance Korea’s launch vehicle technology.

Also, the government plans to test a 20 qubit quantum computer in 2023 and then develop a 50 qubit computer in 2026 and 500 qubit computer by 2030.

Goyang city in Gyeonggi will create an intellectual property cluster that is targeted for a 2025 opening as part of the government’s plan to create Korea’s own Disney.

The entire project is estimated to cost 6.3 billion won, of which 2.9 billion won will be funded by the government. The cluster is expected to create synergy with other culture and entertainment clusters, including the visual culture complex in Deokyang District and a global Webtoon center in Ilsan, all located in Goyang.

From April, the government will start pushing R&D of innovative next generation nuclear reactors – small modular reactors (SMR) and molten salt reactors (MSR).

The goal is to get global approval for a standard design for SMRs by 2028.

Major Korean companies are already investing in the next generation nuclear technologies, according to the government.

A K-bio lab hub in Songdo, Incheon will be completed by 2025, and 120 new drug start-ups will be created between 2026 and 2031.

The government said it will come up with a more specific plan on AI applications for everyday life, from childcare to education and to medical services, in June.

On 6G development, the government plans to increase the participation of private developers.

According to the government, Korea ranks second in the world for 5G network, with a global share of 25.9 percent. China ranks top with a 26.8 percent market share, while the U.S. trails behind with 17.7 percent.

For drones and robots being used for delivery, the government will allow the setup of micro fulfillment centers.

“The difficulty our economy is facing is getting worse, including exports and investments, as the global economy recently has been slowing down,” Finance Minister Choo Kyung-ho said during a government emergency meeting on Monday. “Under such circumstances, in order to enhance our economic vitality and for a strong and swift rebound, productivity enhancement and preemptive investment on the future through technology innovation is very important.”

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]