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Science ministry to invest $91.5 mil. in cloud computing industry

The Ministry of Science and ICT has announced plans to invest 121.9 billion won ($91.5 million) into boosting the local cloud computing industry this year. This represents a significant increase of 17.2 billion won compared to last year’s budget allocation. Cloud technology is seen as crucial for advancing artificial intelligence (AI) due to its capacity for high-performance computing and extensive data storage.

Specifically, the ministry aims to allocate 24 billion won for the development and commercialization of innovative cloud services, 7 billion won for cloud-based software as a service (SaaS), and 8 billion won for transitioning software to SaaS models. Additionally, a substantial portion of around 20 billion won will go towards establishing an innovation fund to support SaaS initiatives.

A spokesperson from the science ministry emphasized the importance of promoting cloud technology adoption across various industries and society. They highlighted the ministry’s commitment to nurturing the growth and innovation of local cloud companies, particularly in the evolving landscape of AI-driven technologies like ChatGPT.

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