Gov’t to provide 330 bln won in assistance for ‘smart’ factories this year
INCHEON, South Korea-- South Korea's chief economic policymaker said Monday that the government will provide some 330 billion won (US$311 million) this year to help turn outdated factories into ones that make use of automated and information and communication technologies.
In a visit to a firm specializing in product packaging, Finance Minister Kim Dong-yeon said the government will create an environment that allows local firms to update their production facilities.
Kim said around 20,000 factories will be transformed into so-called 'smart' factories by 2020 under the government initiative.
The minister also vowed to help nurture the software sector to facilitate the creation of smart factories.
Source: Yonhap News Agency