South Korea, the world’s 10th-largest economy, recently announced a series of massive initiatives aimed at developing domestic technologies to position the nation as the 5th largest metaverse hub.
The news comes as the South Korean Ministry of Science and ICT, along with the National IT Industry Promotion Agency (NIPA) recently announced it would foster national metaverse and XR-related firms to enter global markets.
The Government previously revealed its ‘New Metaverse Industry Leading Strategy’ in January, which aims to develop the country’s digital ecosystem amid challenges linked to competitiveness and investments.
XR Today interviewed Mija Kim, Chief Executive of The Welcome, Ltd, a South Korean firm specialising in public institution training and hosting international conferences.
The CEO spoke about her company’s role in facilitating the growth and expansion of South Korea’s metaverse tech firms and the nation’s prospects for developing an extended reality (XR) ecosystem.
XR Today: How does The Welcome facilitate networking for businesses, industries, and leaders as South Korea collaborates on its metaverse plans?
Mija Kim: K-metaverse 2022, a massive project being implemented by the Republic of Korea’s Ministry of Science, ICT and Future Planning along with the National IT Industry Promotion Agency, aims to promote globally competitive companies specializing in the Metaverse by selecting and providing customized support to 70 K-metaverse companies that have developed strong technological capabilities.
The Welcome, which is in charge of this project, connects global buyers and investors by providing consulting for competency strengthening to the 70 Korean metaverse-related companies selected based on strict criteria among groups at the early, middle, and advanced stages.
Consulting is provided in diverse areas that meet the needs of each company such as technological development, human resources matching, and investment attraction.
Mija Kim, Chief Executive of The Welcome
To expand our overseas network, The Welcome sponsors global events such as the Augmented World Expo (AWE), Mobile World Congress (MWC) and XR FAIR by presenting exhibitions in pavilions and actively supporting participation in such events based on the characteristics of each company.
A total of 70 companies participate in about 100 domestic and overseas events, generating valuable business performance through investment contact with buyers.
The Welcome has enabled the convenient view of domestic company information, not only offline, but through an online business platform and a metaverse platform made by a Korean company, ZEP.
The companies produced them to focus on the business process and to pursue them immediately via online business meetings through their respective platforms.
Users can view companies’ core technologies, service status, basic overview, and various promotional materials, including videos and brochures.
XR Today: Which South Korean companies are the most active in building the Metaverse, and with which technologies?
Mija Kim: We have divided companies into three stages according to their level of corporate growth. Among them, ten leading companies have the greatest global growth potential, where each of them is globally competitive and technologically capable.
Notably, 3i corporation, a platform business company that connects smart pod hardware with applications, and NP, an emerging technology metaverse content company equipped with Korea’s largest XR stage, will make themed presentations at this year’s AWE.
XR Today: Why do K-metaverse companies plan to expand globally, and how do they plan to compete in international markets? How do you select them for expansion?
Mija Kim: Korean Internet platform companies independently pursue metaverse ecosystems which leverage emerging technologies such as artificial intelligence (AI) and the blockchain.
Currently, they are forming a cooperative ecosystem in Korea through active collaboration, investment and acquisitions among IT companies and entertainment companies.
Korean Wave-based intellectual property (IP) rights and a strong fan base are the basis of metaverse businesses to diversify profit models and enable global market entry.
Domestic small and medium enterprises (SMEs) and startups also have the technology and ideas in each of their respective areas, but are facing difficulty in turning new platforms into businesses due to adverse conditions.
Government assistance in projects like K-metaverse now seeks collaborative partnerships with global companies and attracts investment and market entry opportunities. This will provide support so that high-quality metaverse companies can help form South Korea’s future metaverse ecosystem.
XR Today: What efforts has the Korean government made to build South Korea’s metaverse ecosystem?
Mija Kim: The Korean government recently announced the “Implementation Plan for the Korean New Deal 2.0.” Its main objective is to promote new industries related to hyperconnectivity technologies.
Additionally, it has established a “Development Strategy for a Virtual Convergence Economy” to pursue policies to boost XR usage, establish leading XR infrastructure, reorganise systems, and back corporate competitiveness. It will also increase investment and expansion of core technologies linked to the Metaverse such as XR, AI, the blockchain, network infrastructure, data, and digital twins.
