"Immersive Content as a Core 5G Industry... Visible Achievements Expected Within the Year"

[Asia Economy Reporter Seulgina Jo] Jang Seok-young, Vice Minister of the Ministry of Science and ICT, stated on the 31st, "We will continue to make efforts so that the immersive content sector, a core service of the 5G+ strategy, can grow into a key 5G industry."

Vice Minister Jang made this remark while presiding over the 1st Immersive Content Policy Council held via video conference in the morning to discuss the '2020 Plan for Fostering the Immersive Content Industry.' He said, "With the world's first commercialization of 5G mobile communication and the expansion of public-private investment, the foundation for immersive content services is being established," adding, "We will mobilize all policy means to produce visible results within this year."

The policy council held that day was a follow-up measure to the three major innovation strategies for the content industry (2019?2022) and the immersive content industry activation strategy (2019?2023), jointly established last year by related ministries. As immersive content such as virtual and augmented reality (VR·AR) is utilized in various fields including public, industrial, and science and technology sectors, this is a government-wide initiative to build a promotion system and consolidate national capabilities through private sector participation.

At the 1st meeting, government members from the Ministry of Culture, Sports and Tourism, Ministry of National Defense, Ministry of Strategy and Finance, Ministry of Trade, Industry and Energy, as well as private sector members from industry and academia participated. They reviewed the progress of key tasks from last year and discussed the ‘2020 Execution Plan for Activating the Immersive Content Industry.’

The related ministries plan to invest a total of 267.7 billion KRW this year to foster the immersive content industry. First, in the public sector, they will lead large-scale immersive content projects (107.4 billion KRW) to create new demand. They also plan to advance technology and infrastructure, including the development of core technologies such as holograms and VR·AR devices. Additionally, they will establish growth support funds for small and venture companies, improve regulations, and promote the training of specialized immersive content talent.

Based on the discussion results of the meeting, the Ministry of Science and ICT plans to supplement and specify the 2020 execution plan for activating the immersive content industry and establish follow-up policies for detailed subfields.

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