Ministry of Science, ICT and Future Planning Discusses Global Strategies for IoT Companies

The Ministry of Science, ICT and Future Planning held the '3rd ICT Policy Forum of 2016 for the Visualization of the Creative Economy' on the 19th at Cisco Korea (ASEM Tower, Samseong-dong), presided over by Vice Minister Choi Jae-yu, under the theme of promoting the overseas expansion of domestic Internet of Things (IoT) companies.

This ICT Policy Forum was organized as part of follow-up measures to the 'K-ICT IoT Diffusion Strategy' announced on December 7 of last year, where global IoT companies and promising domestic startups gathered to share overseas expansion strategies and difficulties, engaging in in-depth discussions on ways to promote the overseas expansion of domestic IoT companies.

Officials from the Internet of Things (IoT) sector participating in the event unanimously agreed that IoT is a key driving force for the resurgence of the Korean economy and requires active fostering, and they emphasized the need to expand support measures for overseas expansion to revitalize the economy.

Cisco, which delivered a presentation as a representative of a global IoT company, stated, "Securing excellent references is crucial for laying the groundwork for domestic IoT companies to expand overseas," and emphasized, "It is necessary to create representative success stories through joint venture projects between domestic conglomerates, global companies, and SMEs to attract active investment from the private sector."

The month that garnered attention last year for forging partnerships with global companies and signing contracts with numerous local overseas firms through participation in overseas exhibitions in Spain, France, and other countries.Reworks (CEO Lee Soon-ho) shared his experience of forming partnerships with local overseas companies, stating, “If support such as preliminary feasibility studies, exhibition support, and interpretation services—which are difficult for startups and SMEs to undertake on their own—is expanded based on the demand of companies seeking to enter various regions, it will be of great help in securing a leading position in the global IoT market.”

On this day, the Ministry of Science, ICT and Future Planning introduced to the attendees the government's measures to support the overseas expansion of IoT companies, including global partnerships and support for overseas expansion through IoT Innovation Centers, while,
They stated that they would strive to secure excellent references by revitalizing the domestic IoT market through pilot projects and regulatory improvements, and by supporting win-win cooperation and joint market entry between large and small businesses.

Choi Jae-yu, the Second Vice Minister of Science, ICT and Future Planning, emphasized, “In a situation where entering the global market is not easy due to factors such as the decline in the global ICT growth rate, we must find a breakthrough through new industries such as the Internet of Things,” and stated, “We will spare no support to ensure that the Internet of Things matures as a source of future value creation for the ICT sector, which is the backbone of our country’s exports.”