Like many of you, my day has pivoted to tech and especially the EV and Smart sectors. I am fortunate as Korea has traditionally invested in innovation and in addition to the major Groups like Hyundai, Samsung. SK and LG it is now a growing hub for startups and SME companies transitioning to mobility.

Like many of you, too, I ponder on widespread EVs acceptance as well as the high costs associated with AV and smart technologies. Funding as a kick-starter is key.

Stepping back…

As many in the US are drilling into Biden’s $2 trillion infrastructure plan, Korea, too, is willing to spend 2.7 trillion won (US$11.7 billion) this year as part of its digital New Deal program. South Korea aims to foster new tech industries for job creation.

The Korean government last year unveiled their ambitious stimulus projects, under its Korean New Deal initiative, amounting to 160 trillion won ( US$140 billion)

Monies will be spent on developing technologies based on data, networks and artificial intelligence (AI), which includes developing new technologies, such as self-driving cars and smart factories.

The government added that additional money will be spent on projects such as the digitalization of road infrastructure that is tied to self-driving technology, too.