South Korea's New Growth 4.0 strategy aspires to transcend the boundaries of technological growth with several initiatives. In a meeting headed by the Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok, the government announced its 20 qubit quantum cloud services for the private sector by the latter half of 2024, with plans to escalate to 1000 qubits by 2032. Furthermore, the government, as part of the New Growth 4.0 strategy, also aims to commercialise urban air mobility services by next year and fully autonomous vehicles by 2027, with due consideration given to safety standards and consequential reforms in the insurance industry. South Korea is also set to inaugurate its first fully automated port in Busan next month.

In a bid to further bolster its technological prowess and establish its leadership geopolitically in this domain, the country is targeting strategic industries like semiconductors, shipbuilding and secondary batteries, including establishing an 'Advanced Semiconductor Academy' in cooperation with the Netherlands.

Why does it matter?

South Korea seeks to leverage its existing strengths in technological innovation and infrastructure alongside targeted investments and partnerships to attain prominence in quantum technology amid intensifying global rivalry.