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Ministry of Science and ICT to Partner with Global Entities to Expand South Korea's Private-Led Cloud Industry in AI Era

Oct 18, 2024•over 1 year ago

Contract Type

partnership

South KoreaArtificial Intelligence

Description

South Korea's Ministry of Science and ICT announced a vision to boost local cloud companies by forming strategic partnerships with global entities to double the domestic cloud market's size to 10 trillion won (US$7.3 billion) by 2027 from 2022. The government plans to devise measures to adopt private cloud systems across education, finance, defense, and other public sectors, including easing network separation regulations and expanding tax benefits for AI and cloud companies.

Company Information

Company

Ministry of Science and ICT

Location

South Korea

About

The Ministry of Science and ICT aims to boost the local cloud companies by forming strategic partnerships with global entities to strengthen South Korea's competitiveness in the global AI era.

Predictive Intelligence
Strategic

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Agreement Insights

Based on industry data
Strategic partnership established
Partnership agreements typically involve technology integration and joint go-to-market strategies
Contract momentum indicator
Companies with recent agreements are 2.3x more likely to make additional purchases within 6 months

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