Ministry of Science and ICT rolls out Digital New Deal to leap forward into a new economy beyond COVID-19

SEOUL, South Korea, June 15, 2021 /PRNewswire/ -- The Ministry of Science and ICT has been leading the Digital New Deal since July 2020 as part of the "Korean New Deal Comprehensive Plan" ahead of the new post-pandemic norm, and Born2Global Centre has played a crucial role as it connected Korean startups with various opportunities worldwide.

In an effort to adjust to the new remote working environment and contact-free measures to combat the COVID-19 economic crisis, President Moon Jae-in has directly stated that the goal of the Digital New Deal is to transition into a leading economy by putting digital capabilities at the forefront of all industrial fields, helping advance digital innovation centered around artificial intelligence (AI) and data. In response, all ministries congregated around the commitment towards information and communication technology in fostering digital transformation and dynamism that have become the driving forces for Korean companies to thrive in the fiercely competitive global market.

The Digital New Deal is a strategic and preparatory investment towards leading the global digital economy by developing Korea's digital capabilities in the post-COVID-19 era, and it has already been making ripples across society. The main component of the Digital New Deal, the "Data Dam", is seen as the biggest asset in the era of digital transformation. The Data Dam project aims to create jobs through innovation in existing industries and development of creative services, and the data collected from public and private networks could be standardized, processed, and utilized to create a smarter AI system.

The data collection from public and private sectors (bio, medical, manufacturing, finance, etc.) via the Data Dam project will be standardized and combined with one other to be processed for AI-learning, allowing companies to develop the AI database through a nationwide 5G network to improve productivity and corporate competitiveness.

The Data Dam paved the way for large-scale data (170 types, 480 million cases) through the AI-learning initiative, its primary objective, and is currently producing 190 types of new data. This will then be applied to factories, homes, cities, education, and healthcare to create smart digital infrastructures that will trigger innovation across society and businesses, not simply stopping at data accumulation.

Additionally, the My Data (personal data) initiative, as part of the Data Dam project, is leading 8 tasks that are to directly ease our daily lives using the personal data retrieved from fields, such as finance, healthcare, the public, etc. Through this, it will help people manage their diseases (kidney disease, chronic disease prevention, and management services) and provide 'consumer secretarial services' that can help smart consumption via data analysis from mobile carriers and card payments

In order to broaden the digital transformation spectrum, the D.N.A. (Data, Network, AI)-based innovations will be supported by vouchers made readily available for SMEs and startups for easier adoption and utilization of data, AI, and cloud services. These endeavors are consequently to create projects that will become the global golden standard in various fields, such as manufacturing, healthcare, and welfare.

For more detailed information on Digital New Deal, contact [email protected].

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SOURCE Born2Global Centre

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