South Korean Legislators Allocates $51 Million to Metaverse Projects
A recent report from the South Korean Ministry of ICT reveals that the authority has allocated $51 million to support metaverse projects within the country. The March 9 press release revealed the Korean government aims to adopt metaverse technologies to improve the operation of its public service unit. Also, the government funding will be utilized to improve the performance of metaverse startups in South Korea.
Expansion of Metaverse Projects in South Korea
Recently, the legislators in South Korea proposed a share of the government revenue worth $30 million to be rerouted toward the metaverse sector. After a prolonged debate between the legislators and regulatory watchdogs, they agreed to assign $51 million to support the growth of the metaverse industry.
According to the press release dated March 9, the funds will support small and medium metaverse ventures to increase their geographical presence through mergers and acquisition (M&A) deals. Besides stimulating the growth of metaverse businesses, the legislators plan to support the growth of 13 newly launched projects in the education, healthcare and tourism sector. According to the report, the $30 million will be used to establish metaverse research centers and institutions. The remaining $21 million will support the 13 new projects.
A statement from the software engineer at the Ministry of ICT, Oh Yong-soo, opined that the prolonged macroeconomic pressure limits the ability of the metaverse firm to raise the capital necessary for business expansion. Yong-soo argued that the attempt to support the metaverse startups attain the desired results had inspired the South Korean government to provide financial assistance.
He recalled that the government injected $185 million in 2022 to support the growth of the metaverse industry.
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