Seoul: The government convened a consultative meeting with the private sector Thursday to discuss the development of quantum technology amid an intensifying global race to secure a future game changer across economic and security domains, the finance ministry said. The meeting aimed to strategize on how South Korea can enhance its position in the rapidly evolving quantum technology sector.
According to Yonhap News Agency, the consultative body, led by the Ministry of Economy and Finance, includes relevant government agencies; major research institutions, such as the Korea Advanced Institute of Science and Technology (KAIST); and leading companies in the quantum technology sector. The collaboration seeks to address the burgeoning opportunities and challenges within the global quantum technology market, currently valued at US$2.34 billion and projected to grow nearly tenfold to $24.6 billion by 2033.
"Quantum science and technology represents a strategic field with the potential to bring significant ripple effects across all sectors, including the economy, security and society," said Shin Sang-hoon, a finance ministry official who leads the consultative body. "The government must take the lead in securing technological supremacy through steadfast policy implementation and bold investment."
Quantum technologies are increasingly regarded as pivotal in transforming key industries, including pharmaceuticals, chemicals, and aerospace. In response, major global powers, such as the United States, the European Union, and Japan, are pursuing national strategies and large-scale R and D investments to advance in this sector.
During the meeting, industry representatives proposed several policy recommendations, such as expanding support for the quantum components and materials sector. The participants also urged the government to enhance support for the industry to maintain competitiveness in the global quantum race.