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policymaker said Monday that the government will provide some 330 billion won (US$311 million) this year to help turn outdated factories into ones that make use of automated and information and communication technologies.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

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