The Ministry of Science and ICT (MSIT, Minister: Lim Hyesook) announced the plan to raise the fund to support the merge and acquisition of domestic companies specializing in metaverse, so that they can obtain global competitive edges in the metaverse field. This is a follow-up measure to the pan-governmental strategy on metaverse, which was rolled out on Janauary 20 in 2022, as part of the Digital New Deal 2.0 initiative.
The fund will be used for domestic small and medium-sized companies that have key technologies needed to provide metaverse services. The fund aims to foster such companies to become a corporation that has competitive edge in the global market. The key technologies needed to provide metaverse services include eXtended Reality technologies, artificial intelligence, data, network, cloud, digital twin, and block chain.
It is planned to attract more than 40 billion won (USD 33.5 million dollars) from the private sector, while the government plans to put out 60 billion won (USD 50 million dollars) for the fund, making more than 100 billion won (83.5 million dollars) in total.
With this fund, Korea’s small and medium-sized companies specializing in metaverse will be encouraged to develop new types of metaverse services, raising their competitiveness on the global stage.
For further information, please contact Spokesperson for foreign media Kim Heehyun (E-mail: coro0131@korea.kr, 82-44-202-4027) of the Ministry of Science and ICT.
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