"Digital and ICT Overseas Expansion to Be Strengthened by Public-Private Cooperation" Ministry of Science and ICT, 20 Trillion Won Financial Support Over 10 Years

[Asia Economy Reporter Eunmo Koo] The Ministry of Science and ICT announced on the 4th that it held the '1st Digital·ICT Overseas Expansion Task Force (TF)' chaired by Second Vice Minister Kyung-sik Cho.

This TF is a follow-up measure to the 'K-New Deal Globalization Strategy' announced last January, operated at the level of public-private cooperation and inter-ministerial collaboration to support resolving on-site difficulties so that domestic innovative companies can secure new global markets amid the worldwide trends of digitalization and contactless services. The TF consists of about 30 members from related ministries, export industries, financial and export specialized support institutions.

Based on the achievements of overseas expansion so far, this TF plans to establish the role of a one-stop overseas expansion support platform to systematically back digital·ICT companies' overseas expansion, and actively discover new projects such as the 'Digital Game Changer Development Program (tentative name),' which will provide financial support worth 20 trillion won over ten years starting this year.

In particular, the Digital Export Support Center of the National IT Industry Promotion Agency (NIPA) will provide customized services tailored to types, stages, and target countries of overseas expansion in a one-stop manner, and will comprehensively perform the role of supporting digital·ICT overseas expansion through sharing successful cases of domestic companies' overseas expansion.

Additionally, through the Digital Game Changer Development Program, in collaboration with the Export-Import Bank of Korea, key areas of the Digital New Deal (5G·next-generation semiconductors, pharmaceuticals·healthcare, digital contents) will be selected, and customized support such as increased loan limits (up to 10%p) and preferential interest rates (up to 1.0%p) will be provided.

Second Vice Minister Kyung-sik Cho of the Ministry of Science and ICT stated, “The global digital transformation underway is both a challenge and an opportunity for our digital·ICT innovative companies,” adding, “Based on competitiveness in the digital·ICT sector, the public and private sectors will closely cooperate to actively promote securing the global digital market.”

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