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  • The Korean government says it'll invest tens of millions of dollars in one of the hottest

  • and most talked about industries,... the Internet of Things.

  • Internet of Things envisions connecting items we use in our everyday lives to the internet...

  • in the name of convenience and inter-connectivity. Arirang News' Laah Hyun-kyung reports. 36

  • million dollars from the government and another 12 million from private sectors.

  • The Korean government is gearing up to foster new growth engines in the domestic technology

  • market. Micro Electro Mechanical System, or MEMS sensor

  • chips are one of the core technologies in the Internet of Things market,... which envisions

  • connecting everyday items such as phones, fridges and boilers to the internet.

  • The MEMS sensors, embedded in our devices, help analyze data by collecting and registering

  • changes of information such as temperature, light, sound and motion.

  • However most Korean companies currently import the chips because they don't have the technology

  • to produce them. And that is why the government is planning

  • to inject some 20 million dollars by 2019 into developing and manufacturing more of

  • these chips in Korea. Korea hopes to produce more than 2-hundred-20

  • million dollars worth of MEMS sensors by the year 2020.

  • That's a three-fold increase from what the country manufactured last year.

  • Another 16 million will go into developing devices that transfer data collected from

  • sensors to long-distance control centers. Korea is not able to produce such devices

  • yet,... but the government is rolling out ambitious plans to create a manufacturing

  • volume worth more than 500 million dollars by 2020.

  • Some industry experts wonder aloud whether the government's targets are realistic.

  • But others are hopeful... that Korea will be at the forefront of conceptualizing the

  • Internet of Things in real life... by utilizing its state-of-the-art IT and mobile telecommunications

  • technologies. Laah Hyun-kyung, Arirang News.

The Korean government says it'll invest tens of millions of dollars in one of the hottest

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