TMCnet News
Gov't aims to turn robot industry into global leaderSEOUL, Apr 18, 2009 (Asia Pulse Data Source via COMTEX) -- The government will spend 1 trillion won (US$750 million) on research and development in the robot sector over the next five years in an effort to develop the local industry into the world's top three, officials said Friday. In a policy report to President Lee Myung-bak, the Ministry of Knowledge Economy said the spending is designed to expand the nation's share of the global market for manufacturing and service robots, and create demand for diverse robots. "The goal is to strengthen the competitiveness of the local industry and allow local companies to develop core technologies that are vital for sustainable growth," a ministry official said. Increased state research spending could help raise the size of the domestic market from the current 896 billion won to 4 trillion won in 2013, he said. If the goal materializes, South Korea will likely grab 13.3 percent of the worldwide market for robots with exports reaching $1 billion, according to the ministry. South Korea's global market share stands at 8.9 percent, with exports topping $180 million. Last year, South Korea's global robotics industry ranking stood fifth in terms of production, behind Japan, the United States, Germany and Italy. The world market for robotics is expected to reach $30 billion in 2013 from $8.1 billion in 2007, the ministry said, adding it could grow to over $100 billion in 2018. |