'Data Basic Act Enforcement Decree' Approved at Cabinet Meeting... Support for Launching Control Tower

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[Asia Economy Reporter Minyoung Cha] As the launch of the 'National Data Policy Committee,' the control tower overseeing the national data industry policy, approaches, the government has established a work system to operate it efficiently. The plan also includes specifying qualification criteria for data trading companies and designating the National Information Society Agency (NIA) along with additional institutions as specialized organizations to support the development of the data industry.

The Ministry of Science and ICT announced on the 12th that the 'Enforcement Decree of the Framework Act on the Promotion and Use of the Data Industry,' which includes these details, was approved at the Cabinet meeting. The decree will take effect from the 20th of this month.

The National Data Policy Committee is a pan-government data control tower chaired by the Prime Minister, with the Minister of Science and ICT and the Minister of the Interior and Safety serving as secretaries. It inherits the achievements and roles of the Data Special Committee of the 4th Industrial Revolution Committee under the President and will actively promote data-driven personal innovation, government innovation, and industrial innovation.

This enforcement decree includes the basis for the composition and operation of the 'Expert Committee' and the 'Secretariat' to support the committee's work. The Expert Committee and Secretariat will play roles in enabling experts from various fields to participate in proposing and establishing data policies.

With the launch of the National Data Policy Committee, the detailed contents of the 'Basic Plan for the Promotion of the Data Industry,' which will be established through the committee's deliberation, have also been prepared. The Basic Plan will include legal and institutional improvements for promoting the data industry, securing funding and investment directions, and research and development matters.

Additionally, qualification criteria for data trading companies that perform consultation, brokerage, and mediation related to data transactions have been established. Data trading companies must have at least five years of work experience in data-related fields. Lawyers or patent attorneys must have at least three years of experience in the relevant field.

The enforcement decree also designates NIA as the specialized institution supporting the development of the data industry. The relevant institution or organization will be designated later. The specialized institution will perform roles such as supporting the establishment of the basic plan and participating in the preparation of value evaluation techniques and systems.

An association can be established with at least 50 data business operators as founding members and with the approval of the Minister of Science and ICT. The established association is regulated to be able to undertake tasks such as education for data trading companies.

The Ministry of Science and ICT plans to prepare for the launch of the National Data Policy Committee and establish the first pan-government Basic Plan for the Promotion of the Data Industry once the enforcement decree takes effect. Minister Hyesook Lim of the Ministry of Science and ICT said, "I hope the enforcement of the Data Framework Act will be the starting point for South Korea to leap forward as a data innovation powerhouse that utilizes data better than any other country in the world."

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