[Asia Economy Reporter Kim Hyun-jung] Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki announced on the 4th that he will establish urban air transportation services using eco-friendly and low-noise aircraft.
At the '2nd Innovation Growth Strategy Meeting' held at the Government Seoul Office Building on the same day, Deputy Prime Minister Hong stated, "Urban air mobility (K-UAM), including cargo and passenger transport drones, is an innovative transportation service and a future new growth industry with a global market size expected to reach 730 trillion won by 2040." He added, "As competition among global companies such as Uber intensifies, achieving commercialization first will allow us to secure early market leadership," and "To expedite the implementation of this strategy, we plan to promote the enactment of a special UAM law, and until the law is enacted, we will support regulatory exemptions using the Drone Act."
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