The South Korean Ministry of Science and ICT announced on Monday its intention to invest 121.9B won ($91.5M) this year to support the local cloud computing industry.
According to Yonhap News Agency, the ministry stated that this budget reflects a 17.2B won increase compared to the allocation in the previous year.
Highlighting the crucial role of cloud technology in advancing artificial intelligence (AI), the ministry emphasized its ability to provide high-performance computing capacity and extensive data storage capabilities, according to WAM.
Specifically, the ministry outlined plans to allocate 24B won for the development and commercialization of innovative cloud services, 7B won for cloud-based software as a service (SaaS), and 8B won for the transformation of software to SaaS. Additionally, around 20B won is earmarked to establish an innovation fund for SaaS.