South Korea’s electronics market has been falling lately in terms of numbers due to the weak performance. Furthermore, the trade war taking place at the moment between the United States and China has had its negative effect on the economy of the whole region and major deals between the leading companies which is the main reason behind the setback.
However, recent news form South Korea might actually hold positive results. South Korea is now focusing on the latest technology that is invading our earth. This is the 5G technology which is now forming a competition between all countries on who will deploy it first and with the best quality. South Korea wanted to take part of this competition and they moved forward by releasing a huge plan to the public that describes the growth and developments in the technology for the upcoming 7 years.
This was commented on by Yoo Young-min, the minister of Science and ICT in South Korea by saying, “The ‘world’s first title’ doesn’t carry significance anymore. We are in global spotlight since we launched 5G commercial service for the first time in the world. … But being the first does not mean being the best. We thus need a comprehensive strategy between the government and business sectors. We need to lift regulations on 5G service industry. Companies are the warriors of the 5G era, so preventing them will be something that goes against the historic wave.”