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[THE INVESTOR] A 40 billion won (US$35.6 million) fund specializing in virtual and augmented reality technologies is to be set up, the Ministry of Science, ICT and Future Planning announced Aug. 21.
The fund is part of the South Korean government’s nine science and technology projects, and the government will underwrite 60 percent of the fund. Half of the fund will be invested this year and the other half next year.
The fund has expanded to include the overall aspects of VR and AR technologies from contents and services to hardware and product development from the original plan that concentrated on digital contents for virtual reality.
“In addition to creating specialized funds, the ministry will promote a range of policies, including tax favors, and by 2020 nurture 50 companies devoted to VR technology,” said Choi Jae-you, second vice science minister, while discussing means to deliver the fund with the related industry Aug. 19.
By Hwang You-mee (glamazon@heraldcorp.com)
