(LEAD) S Korea-growth strategy
(LEAD) S. Korea to unveil detailed road map for growth strategies, including AI tech
(ATTN: UPDATES throughout with details)
By Kang Yoon-seung
SEOUL, Feb. 20 (Yonhap) -- South Korea plans to unveil details of its new growth strategy for the chip and display sectors, as well as emerging areas, such as artificial intelligence (AI), the finance ministry said Monday.
Late last year, the country unveiled an economic development blueprint covering 15 projects ranging from space exploration to self-driving technology, named "New Growth Strategy 4.0," in line with efforts to foster new growth engines.
"Recently, challenges for the South Korean economy have been escalating due to the full-fledged slowdown in the global economy, which led to sluggish exports and investment activities," Finance Minister Choo Kyung-ho said during a meeting with economy-related ministers.
Choo said it is important for South Korea to seek proactive investments in the "future-oriented sectors," to revitalize the economy.
South Korea will roll out around 30 detailed tasks in line with the growth strategy and implement some 20 of them over the first half of 2023, Choo added.
For example, the government will launch urban air mobility (UAM) vehicle tests with six local consortiums to commercialize them in 2025.
The government will raise 500 billion won (US$385 million) in funds within the first half of this year with the private sector to develop vaccines and treatment for contagious diseases.
In March, the country will announce a blueprint to foster the country's non-memory chip industry, as well as research and development strategies to beef up its semiconductor, rechargeable battery, and display sectors.
Under the plan, the country will also focus on utilizing AI technologies to address issues affecting people's everyday lives in June.
The country will seek to develop a Korean equivalent of Chat GPT, a chatbot developed by U.S.-based OpenAI, by revising copyright laws to use various content in the process of developing a new software.
In 2023, the government also plans to raise what it calls a "content fund" under cooperation with the private sector to develop the "South Korean equivalent of Disney," the finance ministry added.
South Korea will select candidates for "net-zero" cities in the second half of 2023, which will eventually go carbon neutral by 2030.
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