The South Korean government said it will invest 2.6 trillion won ($2.2 billion) by 2025 in hyperconnectivity and related technologies used in newly emerging services, such as metaverse, blockchain and cloud technology.

The Ministry of Science and ICT on Wednesday held an online meeting to discuss its future investment plans to support the development of key technologies in the information and technology industry.

During the meeting, Minister Lim Hye-sook said, “The metaverse sector and other newly emerging industries that promote hyperconnectivity, will bridge the real and virtual worlds and expand the country’s economic territory.”

Lim said the ministry will roll out policies and initiate business projects that will help the country to stay ahead in the newly emerging areas.

The ICT Ministry said it plans to launch business projects in manufacturing, healthcare and education sectors to increase their uses of extended reality, blockchain and internet of things services.

The ministry also aims to encourage the public sector to use cloud services provided by private firms.

In 2022, the ministry will launch a support center that can help small and medium-sized enterprises and venture companies to develop new blockchain services.

By 2023, the ministry plans to advance local test beds for IoT technologies.

Between 2022 and 2025, the government will support the local companies to develop open metaverse platforms.

Meanwhile, the ministry will overhaul the regulatory system for cloud-based services, while making revisions to the laws to improve cybersecurity, it said.