South Korea Invests $91.5 Million to Strengthen Cloud Computing Industry

South Korea Invests $91.5 Million to Strengthen Cloud Computing Industry

Key Points:

  • South Korea’s Ministry of Science and ICT allocates 121.9 billion won ($91.5 million) to bolster the local cloud computing industry.
  • The investment includes funding to develop innovative cloud services, cloud-based SaaS, and transform traditional software into SaaS models.
  • A significant portion of the budget will establish an innovation fund supporting SaaS development.
  • The initiative underscores South Korea’s commitment to fostering technological innovation and economic growth in the era of AI-driven advancements.

On Monday, South Korea’s Ministry of Science and ICT announced a significant investment of 121.9 billion won (US$91.5 million) to enhance the local cloud computing industry in 2024. This budget reflects a notable increase of 17.2 billion won compared to the previous year’s allocation, underscoring the government’s commitment to advancing technological infrastructure.

A science ministry official said, “We will foster cloud technology across industries and society and support the innovative growth of local cloud companies, including SaaS, in the era of AI sparked by Chat GPT.”

Cloud technology stands at the forefront of innovation, particularly in artificial intelligence (AI), offering robust computing and extensive data storage capacities. The ministry aims to bolster cloud technology further to develop AI, recognizing its pivotal role.

The allocated budget includes specific initiatives to drive innovation and commercialization within the cloud computing sector. A substantial portion, 24 billion won, will be dedicated to developing and rolling out innovative cloud services to meet diverse industry needs and enhance technological capabilities.

Additionally, 7 billion won will be allocated to support cloud-based software as a service (SaaS), facilitating the delivery of software solutions over the Internet. Another 8 billion won will be directed towards transitioning traditional software into SaaS models, fostering adaptability and scalability in software delivery.

A notable portion of the budget, around 20 billion won, will be utilized to establish an innovation fund specifically targeted at SaaS development. This fund aims to provide financial support and motivation for local companies to innovate and expand their presence in the rapidly evolving cloud computing landscape.

The investment reflects South Korea’s proactive approach to harnessing technological advancements for economic growth and societal progress. The government aims to position the country as a leading player in the global tech landscape by prioritizing the development of cloud computing infrastructure and fostering a conducive environment for innovation.

TechGolly editorial team led by Al Mahmud Al Mamun. He worked as an Editor-in-Chief at a world-leading professional research Magazine. Rasel Hossain and Enamul Kabir are supporting as Managing Editor. Our team is intercorporate with technologists, researchers, and technology writers. We have substantial knowledge and background in Information Technology (IT), Artificial Intelligence (AI), and Embedded Technology.

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