South Korea to spend 8.5tr won for ICT-related R&D for 5 years

South Korea plans to spend a total of 8.5 trillion won (US$8.1 billion) over the next five years to promote research and development of the information and communications technology (ICT) sector, a key segment for the so-called creative economy preached by the Park Geun-hye administration. Under the plans unveiled by the Ministry of Science, ICT and Future Planning, the ICT sector is expected to generate production worth 12.9 trillion won and create some 180,000 jobs. Also, five key segments such as contents and information security will be nurtured into new growth engines for the economy, it said. The government is seeking to foster an environment where creative ideas and innovative technologies lead to new jobs and markets. Under the plans, the creative economy calls for boosting South Korea's economy by creating unheard-of business opportunities and more jobs through the fusion of information technology and cultural and other realms.