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Korea Ministry of ICT will invest $4.5mil into developing ICT technologies such as blockchain

Ministry of Science and ICT recently selected 18 projects to promote Korean companies in blockchain and ICT businesses. The ministry announced on July 31 that it would support businesses step by step. First step would be a three-month project that help that companies to come up with ideas and plans. Second step would be an 18-month project that would help the companies research and develop technologies. First step would select 40 business and be invested by 1.16 billion won while the second step would select 18 projects and be invested by 3.5 billion won. The ministry said it would help out the companies in a two-track method. First track would be helping non-ICT companies to cooperate with the existing ICT companies to form a new market. The other track is fortifying six representative technologies in the ICT field. In blockchain category, a Korean company GMT will receive evaluation for its new service that uses blockchain to control oceans logistics. When the ministry recruited businesses back in January for the project, a total of 166 companies applied to participate in the project, resulting in a competition rate of 9.2 to 1. In March, the ministry selected 40 projects to cooperate on coming up with strategy to make the business more successful. The ministry now plans to evaluate the projects accepted from the first step to select 18 finalists. The selected businesses will be supported of its research and development for the next 18 months. Especially with the outbreak of the coronavirus, the ministry has focused on selecting businesses that specialize on untact, artificial intelligence and IoT-related projects. “Investment has to continued on small and midsize enterprises (SMEs) in Korea to develop their technology capacity as the economy is slowing down in the aftermath of the coronavirus,” said Oh Sang-jin in charge of ICT businesses at the Ministry of Science and ICT. “Through the latest projects, we wish ICT-related SMEs in Korea will find new growth engine and advance into the new market.”

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