"Bold ICT Investment Behind Recovery from Foreign Exchange Crisis" Ministry of Science and ICT Contemplates COVID-19 Response

[Asia Economy Reporter Seulgina Jo] "Bold ICT policies during the International Monetary Fund (IMF) foreign exchange crisis led to economic recovery. This time as well, large-scale investments in artificial intelligence (AI), 5G, and other technologies must be made."

On the 27th, Choi Ki-young, Minister of Science and ICT, held a meeting with economic experts to consider the role of ICT policies amid the emergency economic situation caused by the spread of the novel coronavirus disease (COVID-19).

According to the Ministry of Science and ICT, the meeting held at the Gangnam Palace Hotel in the morning was attended by 10 economic experts from the Bank of Korea, LG Economic Research Institute, SK Management & Economic Research Institute, KT Economic Management Research Institute, and Small and Medium Business Research Institute. They diagnosed the global economic situation, including the contraction of industrial production, consumption, and investment due to COVID-19, and discussed mid- to long-term response directions in the ICT sector.

In particular, the attendees agreed that bold ICT policies such as investment in high-speed internet and fostering venture companies during the IMF foreign exchange crisis led to economic recovery. The number of high-speed internet subscribers, which was 14,000 in 1998, increased to 10.4 million in 2002, supported by ICT investment and fostering policies at the time. The number of ICT companies also rose from 10,200 in 1998 to 12,900 in 2000.

They argued that even in the current situation, large-scale investments in new technologies such as AI and 5G should be made from a mid- to long-term perspective to overcome the crisis. They also exchanged opinions on ways to promote digital transformation through large-scale investments and efficiently utilize recently increased needs such as telecommuting and remote education.

The Ministry of Science and ICT plans to continuously listen to expert opinions and consider the role and response directions of ICT to address the current crisis occurring during the Fourth Industrial Revolution.

This content was produced with the assistance of AI translation services.