Government Provides 11.7 Billion KRW Support for IoT Development

[Asia Economy Reporter Koo Chae-eun] The Ministry of Science and ICT and the National IT Industry Promotion Agency are injecting 11.7 billion KRW to foster the Internet of Things (IoT).

On the 16th, the government announced that starting from the 17th, it will open a call for new projects to participate in the "IoT Product and Service Verification and Expansion Project" to discover innovative products and services used in public, industrial, and daily life IoT fields.

This call is an open competition. A total of 21 projects will be selected, with approximately 11.7 billion KRW in support.

The application target for IoT service projects is a consortium between supply companies and demand institutions aiming to operate IoT businesses. Each project can receive up to 1 billion KRW in support. The IoT convergence product commercialization projects target domestic small and medium-sized IoT companies and aim to promote entry into domestic and overseas markets, with up to 150 million KRW supported per project.

Heo Seong-wook, Director of Information Security and Network Policy at the Ministry of Science and ICT, said, "The success of the 4th Industrial Revolution depends on the organic convergence of data, networks, and artificial intelligence," adding, "We will spare no policy support to ensure that innovative IoT products and services are actively introduced to the market and secure competitiveness across the domestic industry."