S. Korea pushes to boost exports of digital products like AI, metaverse

SEOUL. KAZINFORM The South Korean government on Monday unveiled a set of policy measures to promote exports of next-generation digital products, like artificial intelligence, metaverse and online media platforms, in a way to seek new potential markets.

The Ministry of Science and ICT said it will support local businesses that have outstanding technologies or performances in the digital sectors, including AI service, metaverse, blockchain software, ICT service and equipment, to help them go abroad, Yonhap reports.

The government will also make efforts to expand bilateral economic and trade cooperation with countries in the Middle East, Southeast Asia and Latin America, where big-scale infrastructure projects, like Saudi Arabia's Neom city project, are under way, in order to pave the way for Korean digital companies to enter the thriving markets.

Also, an independent organization will be set up in June to give administrative and legal support to exporting companies in the industry, the ministry added.

The government's export promotion measures came as South Korea's ICT exports have been on a steady decline for nearly a year amid a global economic slowdown and waning demand for semiconductors.

Asia's fourth-largest economy saw exports of information and communication technology (ICT) products falter 35.9 percent on-year to US$12.8 billion in April, extending its losing streak to a 10th month since July last year.

Exports of semiconductors, which accounted for nearly half of the country's entire ICT shipments, tumbled 40.5 percent on-year in April.