​S. Korea to invest $508 million in establishing ICT security cluster in Seoul

By Park Sae-jin Posted : July 4, 2018, 15:56 Updated : July 6, 2018, 11:07

[Courtesy of the Ministry of Science and ICT]

SEOUL -- South Korea earmarked some 567.4 billion won ($508 million) in state money to build an information and communications technology (ICT) security cluster by 2025 that would become an incubator for new businesses and startups.

At a meeting of economic officials on Wednesday, the Ministry of Science and ICT proposed the creation of a giant ICT security cluster in a place covering 174,000 square meters in southern Seoul where the state-run Central Radio Management Service is located.

"When the ICT security cluster is established, the level of our ICT-related security will be upgraded," a science ministry told reporters, adding the cluster will become an incubator for new businesses and new growth engines such as ICT security startups.

The complex will house startups, government organizations, offices and other facilities. The science ministry has long emphasized the importance of nurturing ICT-related firms and technologies to fend off cyber attacks.
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