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Seoul to Invest 19.3 Billion Won Over 5 Years to Foster XR Industry
- Writing language: Korean
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Summarized by durumis AI
- Seoul plans to strengthen the XR industry ecosystem by establishing an XR Center in Sangam DMC with an investment of 19.3 billion won by 2028 and building a one-cycle support system to support everything from technology development to overseas expansion.
- The XR Center will be upgraded to enable comprehensive evaluation from components to software and services, and will be home to convergent industry companies, making it Seoul’s leading XR industrial hub.
- Seoul aims to help XR companies establish solid business foundations through comprehensive business support, including provision of space, personnel development, and fund formation, with the goal of commercialization. Seoul plans to nurture the XR industry as a national strategic industry to drive Seoul's economy and job creation.
- Establishment of an XR Center in Sangam DMC
- Support for technology development and overseas expansion
- Strengthening the XR industry ecosystem
Source - Seoul Metropolitan Government
Seoul Metropolitan Government announced that it will invest 19.3 billion won (including 10 billion won in national funding) for 5 years until 2028 to foster the extended reality (XR) industry ecosystem, which is the core of high value-added technology-intensive industries. It plans to build a 'Creative Industry XR Center' in Sangam DMC and establish a 'one-cycle support system' from technology development to overseas market expansion to develop it into a key industry for Seoul that leads the global market.
Seoul plans to build a Creative Industry XR Center with an area of 29,759㎡ in Sangam DMC by 2026. While the current Seoul XR Demonstration Center has been focused on demonstrating finished products, the Creative Industry XR Center will be upgraded to allow integrated evaluation from components to software and services. In addition, XR convergence industry companies will also move in, upgrading Seoul into a leading XR industrial base.
A 'one-cycle' support base will also be established to provide step-by-step support from technology development to prototype production and overseas market expansion. An XR industry control tower with experts in various fields will be created to develop technologies and products that meet the needs of the industry and provide various company information in one place. The city plans to focus on securing globally compatible technology by establishing international standards for global quality. To this end, the test and certification system will also be developed, including the revision of the existing performance and usability evaluation system, which is focused on finished products, into a 10-type evaluation system that includes components and software.
In addition, customized support tailored to the characteristics and needs of companies will be expanded. The city will provide comprehensive management support, such as providing office space, workforce development, and fund formation, with the goal of business commercialization for XR companies, helping them to establish a solid management foundation.
Seoul expects that the establishment of a one-cycle support base will not only enhance the XR device, but also increase efficiency and provide new services in various fields such as display, sensor, and other rearward industries, as well as immersive and interactive technology applications in automobiles, education, healthcare, and media, which will have significant industrial and economic ripple effects.
Lee Hae-woo, director of the Seoul Metropolitan Government's Economic Affairs Office, said, "We plan to strengthen XR industry technology, which is a future growth engine and a source of income for Seoul, and provide systematic support to XR companies. We will nurture the XR industry into a national strategic industry to drive Seoul's economy and job creation."
