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2 Feb 2018

South Korean Government to Promote Innovative Growth for the Fourth Industrial Revolution

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TAX LEGAL UPDATE + 2018.01.

South Korean Government to Promote Innovative Growth
for the Fourth Industrial Revolution

On January 25, 2018, the Korean government released an “innovative growth” report, which was prepared jointly by six governmental entities (the “Joint Report”). In the Joint Report, the government unveiled policies to promote technological development in order to enhance innovative growth. The government named 13 sectors, which it plans to promote and categorized these 13 sectors into the following four main groups:

• Intelligent infrastructure
1. big data;
2. artificial intelligence;
3. 5G network and IoT;

• Smart transportation
4. self-driving vehicles;
5. drones;

• Combined services
6. personalized healthcare;
7. smart city;
8. augmented/virtual reality;
9. intelligent robots;

• Industrial foundation
10. intelligent semi-conductors;
11. advanced materials;
12. innovative medicine; and
13. new and renewable energy.

The Joint Report was prepared by (i) the Ministry of Strategy and Finance, (ii) the Ministry of Science and ICT, (iii) the Ministry of Trade, Industry and Energy, (iv) the Ministry of Land, Infrastructure and Transport, (v) the Financial Services Commission, and (vi) the Office for Government Policy Coordination.

The plan is to promote innovative growth in each of these 13 sectors by introducing customized strategies for each sector. These customized strategies include support for early commercialization as well as development of original technology.

Accordingly, the government plans to support the early commercialization in the self-driving vehicle, big data, personalized healthcare, smart city, augmented/virtual reality, new and renewable energy, intelligent robot and drone sectors.
At the same time, there will be support for the development of original technology in the 5G network, IoT, advanced materials, intelligent semi-conductors, innovative medicine and artificial intelligence sectors.

The new policies outlined in the Joint Report were developed, in part, due to a growing concern that various regulations have restricted the expansion and utilization of new technologies in Korea, which could limit the country’s economic growth in the long run. The government plans to provide support for the broader use of products and technologies for public use, such as the wider use of drones in the public sector (e.g., delivery of mail) and introduction of autonomous bus service in certain regions.

The six government entities, which were involved in the preparation of the Joint Report, indicated that each will develop detailed implementation plans for each of the 13 sectors identified in the Joint Report. We will continue to monitor this issue and provide updates with developments.

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