After a Friday visit to Vietnam, Korea plans to strengthen friendships between the two countries with the use of the Metaverse.
- A spokesman for Gyeongbuk province said that no specific investment amount has been given yet, and tax exemptions or deductions will be applied according to regulations.
- “We will prioritize expanding economic, cultural, trade, and people-centric exchanges with Vietnam by utilizing the metaverse,” said Governor Lee Cheol-Woo after his visit to Bac Ninh, Vietnam.
- Gyeongbuk said it will invest 18 billion won (about 13.8 million US dollars) in the second quarter of 2023 with the goal of becoming a metaverse technology hub. The project aims to bring over 1 trillion won in value to this province.
- More broadly, newly inaugurated South Korean President Yoon Suk-Yeol believes that the development of the Metaverse and Web3 will be a top priority in the country. Above all, Korea will spend $185 million to develop related industries, stated the Ministry of Science and ICT.
- Japan, South Korea’s neighbor, announced that it would assist in developing this industry, believing that the development would give Japan and Asia a new economic pillar.
See Related: South Korean Government To Invest $187M Into The Metaverse