Why this is important to Wisconsin businesses: Opportunities exist for Wisconsin companies who work in this area to partner with South Korean companies.
The Ministry of Science, ICT and Future Planning of South Korea recently announced a plan to establish strategies for the development of the intelligence information industry and invest one billion dollars in fostering the specialist labor force and data infrastructure for the next five years. The intelligence information affected includes artificial intelligence, the Internet of Things (IoT), the cloud, and big data. The government plans to enhance the artificial intelligence technology that is currently lagging behind that of other developed countries.
With a government-funded research budget, the Intelligence Information Technology Research Institute is going to be established in Pangyo Techno Valley, Seongnam City, through investments made by seven domestic conglomerates. Samsung, LG, SK Telecom, KT, Naver, Hyundai Motor and Hanhwa Life Insurance will participate in the establishment of the research center. The government will contribute a total of $150 million over the next three years to fund research and development (R&D) for the new institute’s flagship projects. The research center plans to establish data infrastructure by focusing on the development of intelligence software associated with linguistic, visual, spatial, emotional and creative intelligence.
This significant investment by the government and leading South Korean companies is creating opportunities for a diverse range of R&D and strategic partnerships with foreign companies that offer advanced technology.