"Full-Scale Virtual Convergence Economy" Ministry of Science and ICT Supports Digital Content Development with 200 Billion Won Funding

[Asia Economy Reporter Eunmo Koo] The government is investing 200 billion KRW in virtual convergence technologies (XR) such as virtual reality (VR) and augmented reality (AR) to actively promote the implementation of the virtual convergence economy.

The Ministry of Science and ICT announced on the 3rd that it has prepared the "2021 Digital Content Industry Promotion Support Plan," which includes support projects for the full-scale implementation of the virtual convergence economy, and will issue an integrated announcement of related projects on the 4th.

Previously, in December last year, the Ministry of Science and ICT, together with related ministries, announced the "Virtual Convergence Economy Development Strategy" to promote the spread of virtual convergence technologies and effectively respond to the non-face-to-face and digitalization of the entire industry. This year, the inaugural year of the virtual convergence economy, the core promotion directions are set as creating a leading virtual convergence industry ecosystem centered on public and industrial sectors, establishing and utilizing an XR consortium, and expanding the XR base among the general public. To this end, a total of 202.4 billion KRW will be invested focusing on five major functions: ▲ spreading the use of virtual convergence technologies ▲ strengthening digital content infrastructure ▲ securing core technologies (R&D) ▲ training specialized personnel ▲ improving systems and regulations.

Kim Jung-won, Director of the Information and Communication Policy Office at the Ministry of Science and ICT, said, "For the success of the Digital New Deal, it is important to fully activate the virtual convergence economy where virtual convergence technologies are utilized in public and industrial sectors," adding, "The Ministry of Science and ICT will do its best to lay the foundation for the spread of virtual convergence technologies across all areas of society and for related companies to gain competitiveness and grow."

The Ministry of Science and ICT will hold the "2021 Digital Content Integrated Project Briefing" online from 2 p.m. on the 5th to explain this year's digital content policy directions and major projects.

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