The South Korean Ministry of Science and ICT unveiled on Monday its ambitious plan to inject 121.9 billion won (US$91.5 million) into bolstering the local cloud computing industry throughout the current year.
This marked commitment, as reported by Yonhap News Agency, signifies a notable increase of 17.2 billion won from the previous year’s budget allocation.
Recognizing the indispensable role of cloud technology in propelling advancements in artificial intelligence (AI), the ministry underscored its significance in providing robust computing capacity and expansive data storage capabilities.
Elaborating on its investment strategy, the ministry outlined detailed plans, earmarking 24 billion won for the development and commercialization of cutting-edge cloud services.
Additionally, a substantial portion of the budget, totaling 7 billion won, will be dedicated to nurturing cloud-based Software as a Service (SaaS) solutions, while another 8 billion won will be allocated towards facilitating the transformation of conventional software into SaaS models.
Moreover, an innovation fund of around 20 billion won is set aside to foster the growth of SaaS ventures, showcasing the government’s commitment to nurturing innovation in this vital sector.