1.0974 Trillion Won Invested Over 7 Years... 'Autonomous Vehicle Technology Development Innovation Project' Passes Preliminary Feasibility Study

[Asia Economy Reporter Kim Bo-kyung] The autonomous driving technology development innovation project, worth 1.0974 trillion KRW, has passed the preliminary feasibility study.

On the 28th, the Ministry of Trade, Industry and Energy announced that the autonomous driving technology development innovation project, jointly promoted by four ministries including the Ministry of Land, Infrastructure and Transport to implement the 'Future Automobile Development Strategy' established last October, passed the preliminary feasibility study on the 24th.

This project is one of the high-budget projects among recently approved preliminary feasibility studies, with a total investment of 1.0974 trillion KRW (832 billion KRW in national funds) over seven years from next year until 2027.

This project applies a 'ministry matching-type new cooperation model' that strengthens collaboration among the four ministries?Ministry of Trade, Industry and Energy, Ministry of Land, Infrastructure and Transport, Ministry of Science and ICT, and the National Police Agency?at all stages including planning, budgeting, and execution. It plans to provide package support not only for core technology development, infrastructure, demonstration, and services in the autonomous vehicle sector but also for standardization, laws, and systems.

The four ministries will institutionalize an inter-ministerial consultative body and establish and operate an 'Autonomous Driving Convergence Project Group (tentative name)' for efficient integrated project management.

Currently, autonomous vehicles at Level 2, which assist drivers by preventing lane departure and maintaining vehicle distance, are being mass-produced. Globally, development is underway for Level 4 fully autonomous driving technology, which minimizes driver intervention and enables the vehicle to perceive and judge situations independently.

To complete the convergence-type Level 4 fully autonomous driving foundation, the government plans to focus on five areas: ▲ vehicle convergence new technologies such as video recognition and processing technology and vehicle platform technology ▲ ICT convergence new technologies such as data processing, vehicle communication, and security ▲ road traffic convergence new technologies linked with traffic infrastructure information ▲ service development for new industry creation and social issue resolution ▲ ecosystem establishment through legal and institutional improvements.

An official from the Ministry of Trade, Industry and Energy stated, "Through this project, by realizing fully autonomous driving on major roads nationwide, we will lead global technological competitiveness of companies, create future service industries, and achieve the advancement of the domestic transportation system."

He added, "We also expect to achieve industrial technology and socio-cultural ripple effects through reducing traffic accidents, supporting vulnerable road users, alleviating traffic congestion, establishing safety and certification standards, and implementing ultra-connected two-way communication."

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