[THE INVESTOR] South Korea will spend a total of 500 billion won (US$450 million) in the coming five years to foster the robot industry as a new growth engine, the Trade Ministry said on Oct. 11.

“The robot industry has emerged as a new technology frontier that will give a fresh boost to the manufacturing sector,” Trade Minister Joo Hyung-hwan said in a meeting with businessmen in Daejeon. “The government will fully support the businesses’ investment into research and development in a bid to help the industry grow as a new export leader.”

The public and private sectors will invest a combined 350 billion won in R&D to localize a few key fundamental technologies in the next five years, with more than 100 billion won to be poured in funding corporate R&D centers to launch up-to-date robots by 2020 and bringing up robot experts and researchers.

The government has recently focused on the potential of robot technology as a new growth engine as the global robot market expanded to $16.7 billion in 2014 from $9.6 billion in 2010.

“The government will support the industry to improve further by integrating artificial intelligence technologies and providing various solutions and services,” said Joo.

(theinvestor@heraldcorp.com)