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Korea's new IT strategy targets auto electronics

Posted: 08 May 2008 ?? ?Print Version ?Bookmark and Share

Keywords:Korea? automotive electronics? IT? IPTV? Lee Myung-bak?

South Korea President Lee Myung-bak has unveiled the country's new IT strategy, eyeing to seize 10 percent, or about $4 billion, of the world's automotive electronics and IT market by 2010, according to a report.

"The combination of automobile and state-of-the-art electronic devices and software will create enormous added value in the future. By 2010, the global auto IT market is projected to grow to 40 trillion won," Lee said, speaking to domestic and foreign IT experts at the opening ceremony of the annual Seoul Digital Forum.

"Automobiles are no longer regarded as part of the machinery industry. They can instead be classified as part of an electronics industry," said Lee, vowing to capitalize on the new industrial frontier. He said his government will set up an auto IT innovation center in Korea through partnerships with world-class IT companies and intensively foster small businesses specializing in auto IT technologies.

"Through such comprehensive efforts, Korea will be able to secure at least 4 trillion won, or 10 percent, of the world's auto IT market by 2010 under the so-called new IT strategy," said Lee.

IPTV opportunities
He also forecast that rapidly developing Internet-related technologies are set to open the era of Internet Protocol TV, or IPTV, heralding revolutionary changes in the broadcasting sector. IPTV is a method of distributing television content over IP that enables a more customized and interactive user experience. "IPTV service is expected to create about 10 trillion won in production and about 50,000 new jobs over the next five years," said Lee.

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