Korea will inject 4.9 trillion won, or some 4.6 billion U.S. dollars, into the country's information technology sector this year in order to fuel economic growth and enhance the country's overall competitiveness.
The Ministry of Science, ICT and Future Planning says the money will be used to fund numerous projects in central government agencies that were initiated by regional governments.
One billion dollars will be used to strengthen IT research, while another billion will be used to upgrade the nation's information and communications technology infrastructure.
Key projects to receive large amounts of funding include the country's digital infrastructure and initiatives to increase the country's presence in cloud computing, mobile services and next generation mobile wireless technology.
The trade ministry says ICT exports have increased 8.4 percent this year from last to 12.8 billion dollars, fueled by an increase in exports of mobile phones and semiconductors.
That gave Korea an ICT trade surplus of 6.6 billion dollars in February, which is a 1.6 percent increase from the same month last year.
Global technology research group Gartner says the world's ICT market will grow 3.6 percent this year, fueled by a recovery in the smartphone and semiconductor markets.
Ji Myung-kil, Arirang News.