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S. Korea seeks to expand ICT goods exports

All News 15:26 March 08, 2016

SEOUL, March 8 (Yonhap) -- South Korea launched a government-civilian task force Tuesday to boost the exports of information and communication technology (ICT) products.

The Ministry of Science, ICT and Future Planning is taking the initiative in response to an overall slump in the exports of Asia's fourth-largest economy.

The South Korea economy is heavily dependent on exports. In particular, such traditional powers as automakers and shipbuilders have suffered troubles recently.

In the project intended to capitalize on the nation's tech-savvy sector, the ministry is joining forces with the Korea Trade-Investment Promotion Agency, Korea IT Service Industry Association and the Intelligent Transport Society of Korea to explore overseas markets.

Seven consortiums composed of 18 firms will also take part in the campaign.

They will receive various services such as specialized market surveying, consulting and tailored marketing, according to the ministry.

Vietnam, Bangladeshi and the Philippines are among the potential target countries, along with Colombia, Paraguay and Poland.

"It's necessary to strengthen the global competitiveness of new service industries including software and contents development in order to ride out the difficult export situation of late," Vice ICT Minister Choi Jae-yu said. "The government and the civilian sector need to join hands to tap aggressively into new ICT trade markets."


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