The government of South Korea has selected its next major platform to support diverse growth of a number of new industries. This one is digital, and will aid everything from big data analytics, artificial intelligence (AI) and blockchain technology, all in a move to “ensure data management security and a boost in the sharing economy”.
With the country’s economy already wobbling somewhat from many forces, the government is looking to embrace new approaches to ensure the future financial success of the overall economy. This is where the idea of embracing a “digital platform” for one pillar of that next generation of growth fits in.
As Strategy and Finance Minister Kim Dong-yeon explained during a public briefing on the matter, “The platform economy is an ecosystem and infrastructure for future industries. We should become a platform powerhouse to lead the economy in the digital era. The world’s top five companies in market cap last year – Apple, Google, Microsoft, Amazon and Facebook – were all platform companies. You lag behind if you don’t lead in this game.”
The country has recently increased its platform investments by 2 trillion won (approximately U.S. $1.8 billion), covering both this field and that of fuel cell technology as major focus areas. It plans to increase that by another 9 to 10 trillion won (10 trillion won = U.S. $8.9 billion) over the next five years.