"Establishment of National Data Policy Committee" Basic Data Act Approved by Cabinet Meeting... Effective April Next Year

'Data Framework Act' for Fostering Data Industry Approved at Cabinet Meeting

[Asia Economy Reporter Eunmo Koo] The government has decided to establish the 'National Data Policy Committee' as a control tower to oversee national data industry policies. Additionally, it plans to provide legal grounds to support data operators and foster new jobs such as data brokers.

The Ministry of Science and ICT announced that the promulgation bill of the 'Framework Act on Data Industry Promotion and Utilization (hereinafter referred to as the 'Data Framework Act'),' which has been promoted to create a foundation for data industry development and revitalize the data economy, was approved at the Cabinet meeting on the 12th.

The Ministry explained that the Data Framework Act is significant as it is the world's first basic law encompassing the entire industry promotion, including ▲promotion of production, analysis, combination, and utilization related to the data industry ▲human resource development ▲international cooperation, at a time when major foreign countries are making all-out efforts to secure competitiveness in the data industry.

The Data Framework Act establishes the National Data Policy Committee under the Prime Minister as a cross-ministerial data control tower and mandates the review and confirmation of a comprehensive plan for data industry promotion every three years.

Furthermore, it introduces a reporting system for data transaction and analysis service providers and ensures systematic provision of necessary financial and technical support. It also stipulates support for capacity-building consulting and commercialization for startups and small and medium-sized enterprises in related fields.

It will also promote the training of 'data brokers,' a new job supporting safe data transactions. Data brokers perform consultation, mediation, and brokerage related to data transactions based on specialized knowledge. The Ministry of Science and ICT will provide support such as operating a registration system and education for data brokers.

To create a fair data market environment, a Data Value Assessment, Asset Protection, and Dispute Mediation Committee will also be introduced. The Dispute Mediation Committee will handle disputes related to data production, transactions, and utilization.

The Data Framework Act is expected to be fully implemented around April next year after about six months of subordinate legislation drafting.

Song Kyung-hee, Director of AI-based Policy at the Ministry of Science and ICT, stated, “With the full implementation of the Data Framework Act, the government will faithfully play the role of a catalyst for revitalizing the data industry, and we hope data will bring transformative changes to the lives of the people.” She added, “We will steadily carry out follow-up measures for the enforcement of the law.”