To achieve its goal of becoming the fifth largest country in the global metaverse market by 2026, the South Korean government plans to develop 40,000 professionals and 220 companies specializing in metaverse technology, according to a government announcement on Thursday.
The Ministry of Science and Information and Communications Technology (Ministry of Science and ICT) announced the country's pan-governmental strategic blueprint to lead the new industry in responding to economic and social changes that will be brought about by the metaverse and preparing for the future, as well as the country's pan-governmental strategic blueprint.
Four major objectives have been set forth by authorities, including activating the ecosystem for metaverse platforms, nurturing professionals, fostering businesses, and creating a safe environment for all metaverse users.
According to the announcement, the private sector will be in charge of the development of various types of metaverse, while the government will primarily focus on supporting individual developers and companies through a wide range of support measures.
So, for public services, the government will prioritize using privately developed metaverse platforms rather than putting resources into developing its own version of this technology.
Korea intends to use metaverse technology in the areas of arts, culture, education, K-pop and tourism as part of its long-term strategic plan, which also includes the establishment of an online Korean language institute for foreigners on metaverse platforms.
A metaverse academy will also be established in an effort to nurture young talent, and the government will assist in the establishment of two convergence graduate schools this year by providing financial support of up to 5.5 billion won ($4.6 million) for each school over the course of five years.
To encourage companies and students to participate, the country will host metaverse development competitions that will necessitate the use of domestic software programs, as well as hackathons for metaverse developers.
The government will establish a new metaverse hub this year to provide space and facilities to support startups as part of its efforts to expand the metaverse infrastructure throughout the country. The country intends to establish a metaverse fund to provide financial assistance to small and medium-sized businesses in order for them to grow through mergers and acquisitions.
The government expects to see total annual sales of over 5 billion won from 220 companies specializing in the metaverse by 2026 as a result of the support measures.
The country will draft a set of ethical principles for the virtual world with the goal of creating a safe and trustworthy environment for the metaverse, according to the official website. Because the metaverse is distinct from the web, the government has stated that it will establish a pan-governmental body to review relevant laws and regulations and revise them as necessary.
The metaverse, according to the government, is a platform that provides a virtual reality world in which people and objects can interact with one another in order to generate economic, social, and cultural values and values.
'Metaverse is a digital new continent with limitless potential, and anyone can achieve their goals by taking on the role of the main character.' The Minister of Science and Information Technology, Lim Hye-sook, stated that "it will be a space of opportunity for young people to challenge themselves more and grow bigger in order to leap into a wider world."
The strategy states, "Through this strategy, we will collaborate closely with related ministries to gradually implement various support measures, such as revitalizing the industrial ecosystem, cultivating talent, nurturing companies, and developing innovative regulations, in order for Korea to become a leading global metaverse country."
