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South Korea injects into IT security industry

Xinhua News staff | Dec. 16, 2008
New jobs expected to be created in this sector with US$172 million injection

HONG KONG, 16 DECEMBER 2008 South Korea plans to inject 230 billion won (US$172 million) to build up its information technology security industry over the next five years, according to the government.

According to the Ministry of Knowledge Economy, the master plan could create an 18.4 trillion-won (US$13.8 billion) market in the information technology (IT) security sector by 2013 which will effectively deal with growing illegal activities on the Internet.

The size of the domestic market is round 3.1 trillion won (US$2.3 billion) at present, the ministry said.

"The negative side effects of the IT revolution are being felt around the world and development of a 'risk-free ubiquitous' environment is gaining momentum as a next generation growth industry," said a ministry official.

Of the total investment, 150 billion won (US$112.2 million) will go to research and development to the Internet security-related technology, while the remainder will fund the training of 3,000 experts and finding overseas markets for products developed, the ministry said.

The ministry expects the investment to create 30,000 new jobs in this sector.

It also envisions South Korea to export US$3 billion worth of IT security products and services by 2013 which will increase its global market share to 5 per cent from the current 1.74 per cent.

 

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