South Korea’s $62bn ‘New Deal’ will boost 5G, AI

Economies all over the world have been shaken by the coronavirus pandemic, with those that rely heavily on trade, like South Korea, particularly damaged. New government initiatives for rejuvenation have been springing up around the world, with many focussing on technology as a key driver of economic recovery. 

 

Now, South Korea has announced a $62 billion ‘New Deal’ that aims to create 550,000 jobs by 2022, with 100,000 of these planned to be specialists in software programming and AI.

 

Part of these funds will be used to directly promote the use of 5G technology and AI across industries, as well as helping to develop some of the nation’s most digitally underdeveloped areas. 

 

When it comes to 5G, South Korea is one of the international leaders, both in terms of technology and coverage. 

 

South Korea recently hit 6.34 million 5G subscribers, with local operators reportedly having deployed 115,000 5G base stations around the country. The country’s three major telcos, SK Telecom, KT, and LG Uplus, have agreed to invest around $3.4 billion in their 5G networks in the first half of 2020.

 

However, with China recently making 5G a point of national pride and pledging huge investments into next generation technology, whether South Korea can retain its position near the top of the pile remains to be seen.