ICT ministry to spearhead 'fourth industrial revolution' in Moon administration

Published : Jun 13, 2017 - 15:38 Updated : Jun 13, 2017 - 15:38

President Moon Jae-in's policy advisory panel said Tuesday that the ICT ministry will coordinate various policies related to the ongoing worldwide industrial transformation, dubbed the "fourth industrial revolution."

Park Kwang-on, the spokesman for the State Affairs Planning Advisory Committee, said the Ministry of Science, ICT and Future Planning will be the main government body to coordinate various plans for the next five years.

Park Kwang-on, the spokesman for the State Affairs Planning Advisory Committee (Yonhap)

"Moon's campaign pledge was to set up a dedicated committee related to the fourth industrial revolution directly under the president," said Park. "However, the ministry received the final nod to take charge after internal discussion."

The ministry has been making efforts to boost the local economy by securing intelligent information technology that is a key characteristic of the fourth industrial revolution, which is expected to revolutionalize the way business is conducted in the future.

The ministry said cutting-edge technologies such as the Internet of Things and artificial intelligence are forecast to generate business opportunities and profits worth 560 trillion won ($470 billion) by 2030. (Yonhap)