South Korean Government Invests $187 Million To Build World Class Metaverse Ecosystems

South Korea is also one of the most technologically advanced and digitally connected countries in the world. It ranks third among OECD countries in terms of broadband Internet access and is a world leader in electronics, digital displays, semiconductors, and mobile phones.

What’s the plan of the South Korean government?

The government has decided to separately allocate $186.7 million to spur the development of the Metaverse platform, which it hopes businesses and industries will thrive on.

The Ministry of Science, ICT and Future Planning has confirmed that KRW 223.7 billion ($186.7 million) to develop a wide-area metaverse ecosystem to support digital content growth and corporate growth in South Korea. 

The Ministry of Education said in an official statement on Sunday that the funds will be used to complete four main tasks to create an inclusive metaverse ecosystem called the Expanded Virtual world. The government agency intends on utilizing its metaverse as a platform for maximizing the virtual industrial growth of cities, education and media.

The Ministry mentioned that it will drive community-oriented creative activities, a metaverse developer contest and a hackathon.

The Metaverse will be able to create 1.5 million jobs in January and the country plans to train more than 40,000 professionals in the initial field, the Ministry of Education said. At that time, the government set a goal of becoming fifth in the metaverse market by 2026.

 Ministry people and investor’s views on the metaverse

Simon Kim noted that the new Metaverse platform is focused on accelerating commercial expansion by providing financial support to its users. On Monday, Reportedly, it has been stated, he did not believe the government would have a problem with funding “because the private sector is investing heavily in the metaverse area. He stated:

 “This is a regulatory problem that the government should give more importance to Publishing of NFT games and issuing tokens is prohibited in Korea.”

Park Yungyu, head of the communications policy division at the Ministry of Foreign Affairs, said in a statement that the metaverse platform initiative is part of Korea’s broader digital new deal. According to Park, the Digital New Deal is a set of policies designed to promote digital growth.

“It is necessary to build a world-class metaverse ecosystem as a starting point for the intensive development of a new hyper-connected industry.”