The Korean government announced its plans to invest KRW 405 billion into the virtual reality (VR) sector over the next five years, helping it to grow into a new engine for economic growth.
On Oct. 7, President Park Geun-hye visited the Korea VR Festival at the Nuri Dream Square in Sangam-dong, a tech cluster in western Seoul, and promised her government’s continued support for the growing tech sector.
The president said that VR, as one of her government’s nine “national strategic projects,” alongside artificial intelligence (AI), autonomous vehicles, smart cities, biotech, precision medicine and light-weight materials, will receive an added push over the coming years.
At the festival, the president visited 79 exhibition booths run by companies like Oculus, Sony, Samsung Electronics and Epic Games. After surveying the latest in VR technology, she offered words of encouragement to the heads of participating VR companies. She also took the time to get feedback from various industry professionals.
On Oct. 7, President Park Geun-hye (right) visits KT’s exhibition booth at the Korea VR Festival and checks out the latest VR technology. The event is held at the Nuri Dream Square in Sangam-dong, a tech cluster in western Seoul.
“Virtual reality is a technology that frees our imagination, offering limitless possibilities,” said President Park. “I ask that startups and venture capitalists make use of this VR technology and bring about innovation in various realms, including education, medicine, defense and tourism.”
To further develop the VR sector, the government has designated the neighborhood of Sangam-dong as a tech hub for the VR industry. The Nuri Dream Square will serve as an incubator for the development of related companies, providing office space for startups as well as R&D support, production infrastructure, and exhibition spaces for flagship projects.
A number of VR facilities will also be set up at major tourist sites around the country to give people a chance to experience a wide variety of VR content as it becomes available to the public.
By Wi Tack-whan, Lee Hana
Korea.net Staff Writer
Photos: Cheong Wa Dae
whan23@korea.kr
