South Korea’s Ministry of Science and ICT has announced a new plan to allocate KRW 223.3 billion this year to help develop the metaverse industry.
Metaverse, which combines real and virtual worlds to create new value, is expected to have significant growth potential in areas including health, education, manufacturing and defense, and everyday life.
The investment consists of KRW68 billion to develop a differentiated metaverse, KRW16.7 billion to develop human resources, and KRW61.5 billion to develop core technologies such as digital humans and realistic content display.
In addition, the government will establish an M&A fund of KRW 40 billion.
The fund will help small and medium-sized enterprises expand their businesses in the Metaverse market.
The Ministry will also help pass legislation to promote the Metaverse industry, disseminate Metaverse ethics, and pilot Metaverse self-regulation.
The Ministry of Science and ICT will hold an integrated briefing to share more information and address the business community’s needs.
Despite the skeptical view of the metaverse industry, the Ministry of Science & ICT sees many opportunities for domestic companies to become global players in the emerging metaverse market.