Science ministry to invest 121.9 bln won in cloud computing industry – Yonhap News Agency

SEOUL, Feb. 26 (Yonhap) -- The science ministry said Monday it will invest 121.9 billion won (US$91.5 million) to bolster the local cloud computing industry this year.

The budget marked a 17.2 billion won increase from the previous year's allocation, according to the Ministry of Science and ICT.

The ministry said cloud technology plays a key role in advancing artificial intelligence (AI) as it provides high performance computing capacity and massive data storage capabilities.

In detail, the ministry plans to inject 24 billion won into the development and commercialization of innovative cloud services, 7 billion won into cloud-based software as a service (SaaS), and 8 billion won into the transformation of software to SaaS.

Around 20 billion won is set aside to create an innovation fund for SaaS.

"We will foster cloud technology across industries and society and support the innovative growth of local cloud companies, including SaaS, in the era of AI sparked by Chat GPT," a science ministry official said.

An image illustrating cloud computing technology (Yonhap)

nyway@yna.co.kr (END)

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Science ministry to invest 121.9 bln won in cloud computing industry - Yonhap News Agency