Gov`t to foster Webcasting industry

Some 50 billion won will be injected into the domestic Webcasting industry in the next five years in hopes of fostering it as a strategic information technology (IT) sector capable of exporting $1 billion worth of contents and $15 billion worth of equipment by 2005. The Ministry of Information and Communications (MIC) said yesterday that it adopted a five-year plan to develop the Webcasting industry, which will in turn activate the use of IT infrastructure such as high-speed Internet networks and develop the digital contents industry.

Officials introduced the measures at a time when most domestic Webcasting companies are having difficulty developing quality contents and doing business due to the lack of funds and skilled manpower.

The domestic Webcasting equipment market is expected to grow dramatically from 190 billion won in 2000 to 900 billion won in 2003. But the expansion is regarded as an illusion since foreign products currently dominate the market.

Under the five-year plan, the ministry will support the development of Webcasting technology, establish a Webcasting support center and promote Webcasting businesses for the public good among others.