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The Ministry of Science and ICT (MSIT, Minister: Lim Hyesook) announced that it plans to invest KRW 223.7 billion to foster a metaverse ecosystem to gradually implement the “Emerging Metaverse Industry Promotion Strategy” (published at the 53rd meeting of the Central Economic Emergency Measures Headquarters on Jan 20, 2022) by supporting the development of world-class metaverse platforms and the establishment of a Metaverse Academy.

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In order to promote the government’s metaverse support policies and encourage active participation of metaverse-related companies, the MSIT will give a briefing via the Kakao TV channel and YouTube channel of the National IT Industry Promotion Agency at 2 p.m. on Monday February 28.

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The MSIT laid out a policy direction to actively help domestic companies compete with global ones by supporting cooperation between companies, technology development and regulatory innovation, with a focus on creating a sustainable metaverse ecosystem through the Emerging Metaverse Industry Promotion Strategy.

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First, discover and support leading metaverse platforms based on decentralization and creator-economy. Invest KRW 34 billion in the development and demonstration of integrated metaverse (e.g. metaverse city), daily-life economy (e.g. education, media, user/creator), converged-industry metaverse (e.g. manufacturing, health, convention)

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In particular, in the case of the integrated metaverse, local artists and creators will participate in creating content and services that showcase their regions’ strengths by using regions’ specialties (e.g. tourism, history, etc.).

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Second, support the training of field professionals and multi-skilled top talent who will be active in the era of the metaverse and the growth of metaverse creators. The Metaverse Academy (180 students, KRW 4.6 billion)" will be opened in order to intensively train young developers and creators with technical capabilities and arts and humanities skills.

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Support the operation of the Metaverse Labs , which promotes the development, entrepreneurship, and commercialization of metaverse-specific technologies (10 labs, KRW 2.4 billion), and support the establishment of metaverse graduate programs that incorporate skills from engineering and arts and humanities (2 schools, KRW 1 billion).

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Moreover, support community-centered creative activities and development and distribution of creations, and hold metaverse developer competitions and metaverse creator hackathons to strengthen the creative capabilities of metaverse content creators to discover outstanding talent.

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Third, create regional hubs for corporate growth support across the country to foster specialized companies leading the metaverse industry, and focus on funding, technology development, and overseas expansion of metaverse companies.

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Operate a metaverse hub to provide domestic metaverse service/platform development SMEs and startups with metaverse testing and demonstration environments (in Pangyo, KRW 6.7 billion), and create metropolitan metaverse hubs specialized for identifying and demonstrating local companies’ metaverse (two hubs, KRW 2 billion).

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By linking metaverse-related facilities, such as the Korean VR/AR Complex, XR Device Center, Hologram Center, and ASEAN-ROK ICT Convergence Village (KRW 18.1 billion), support domestic metaverse companies to develop and demonstrate metaverse content and devices while strengthening these facilities’ role as the infrastructure for foreign market entry, and continue the support for the 13 Regional VR/AR Hubs across the country (KRW 9.6 billion).

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In order to expand the scope and size of business of SMEs and startups related to the metaverse, make intensive investments in such companies by turning the Digital Content Fund into a metaverse M&A fund worth KRW 100 billion.

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In order to strengthen the technological competitiveness of domestic SMEs, create an immersive metaverse by making intensive investments in XR twin technology development (KRW 7.2 billion), VR/AR device core technology development (KRW 11.2 billion), immersive technology core technology development (KRW 25.9 billion), and hologram core technology development (KRW 25.2 billion).

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Through one-stop support (KRW 11.2 billion) for customized overseas expansion consulting (investment, commercialization, market development, global projects, etc.) of domestic digital content companies (initial entry → mid-term leap → market leader), take the lead in shared growth based on network establishment between Korean companies and local companies and universities.

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Finally, support will be provided to ensure that safe and trusted metaverse ecosystem can be created. “The principles of ethical metaverse” that should be voluntarily complied with by participants in the metaverse ecosystem to foster trust and safety will be developed. Legal framework will also be overhauled, while encouraging the spread of voluntary regulation system led by the private sector such as metaverse industry.

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“A government-wide metaverse committee” where relevant ministries discuss ways for addressing various legal issues, including protection of personal information and intellectual property, as well as unethical and illegal activities in metaverse ecosystem will be established and operated.

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Mr. Park Yoon-kyu, Deputy Minister of ICT Policy at the Ministry of Science and ICT highlighted the importance of creating a world-class metaverse ecosystem this year, as the platform for fostering metaverse, which is a key task of digital new deal initiative, to be a hyper-connected emerging industry.

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Deputy Minister Park also said that “we will spare no effort in helping domestic companies, young developers and creators to find new opportunities for growth in the world of digital economy with infinite potential enabled by metaverse, and create a sound metaverse ecosystem.”

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For further information, please contact Spokesperson for foreign media Kim Heehyun (E-mail: coro0131@korea.kr, 82-44-202-4027), Deputy Director Kim Seong Hwan(E-mail address : vlftmd@korea.kr, 82-44-202-6352) of the Ministry of Science and ICT.

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Please refer to the attached PDF