DO BUSINESS

6 New Growth Engine Industries

The information and communications industry (ICT) is a new technology fusion-based high growth industry that has been rapidly growing in line with global digitalization. Seoul has more potential in this area than any other city in the world.

For example, workers in the information and communications industry account for 4.1% (7,283 enterprises and 199,370 employees in 2004) of Seoul's total workforce. Since this sector is known for the outstanding quality of its human resources (43% of all Korean patents approved in the information and communications area came from Seoul), continued fast growth is expected for the foreseeable future.

The existing Teheran Valley, the Poi Valley Cluster and the Guro Digital Industrial Complex are symbols of ICT in Korea. Indeed, ICT industrial clusters have formed in Gangnam (27.2%), Seocho (12.6%), Yongsan (6.1%) and Yeoungdeungpo (9.2%). Gangnam, Seocho and Yeongdeungpo specialize in ICT services, while Yongsan specializes in wholesale/retail, and Guro and Geumcheon in manufacturing.

Furthermore, once the downtown information and communication valley has been formed around Cheonggyecheon, and the basis for this state of the art information city has been established in Sangam DMC, Seoul will have the world's best information and communication infrastructure. The information and communications environment of Seoul is now reaching beyond Korea and Asia and is becoming the global center of the information and communications industry.

The ICT industry is evolving with the convergence of ICT and other industries, which ensures the future of this industry is bright. The convergence occurring within the ICT industry, such as DVD combos, all in one printers, all in one camcorders, camera phones, TV phones and others, is now extending to other areas.

Convergence is also occurring in construction, motor vehicles and broadcasting as shown by internet/mobile banking, home networking and intelligent buildings. Seoul is by far a clear leader in real life applications of convergence and ubiquitous access. This is because Korea's advanced communications network and semiconductor technology development have drastically transformed the conditions required for convergence of industries. Seoul is in a strong position to remain a leader in the fusion of ICT with broadcasting, media, digital based technology, logistics, finance and the health/medical industries.