SEOUL: The South Korean Ministry of Science and ICT said Monday it will invest 121.9 billion won (US$91.5 million) to bolster the local cloud computing industry this year

Yonhap News Agency quoted the ministry as saying that the budget marked a 17.2 billion won increase from the previous year’s allocation.

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 commercialisation 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.

Source: Emirates News Agency