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IT Production to Reach W500 Tril. in 2008
IT 839 Strategy, a large-scale development scheme drawn up by the Ministry of Information and Communication (MIC), is expected to trigger IT production worth 498 trillion won in 2008.
The state-funded Electronics and Telecommunications Research Institute (ETRI) on Friday made the rosy prediction for IT839, which was laid out last year.
IT839 is the plan of the MIC designed to find the nation's new growth engines in newly emerging areas such as digital TVs, radio tags and sophisticated robots.
The three digits in the name represents eight services, three infrastructures and nine equipment fields with high upside potential.
The ETRI projected that high-tech output would reach 289 trillion won in 2005 and 341 trillion won in 2006.
The institute also added that the figure is likely to further balloon to 419 trillion win in 2007, 572 trillion won in 2009 and 642 trillion won in 2010.
In line with such explosive growth rates, the IT field is projected to account for 13.3 percent of gross domestic product (GDP) this year, 17.2 percent in 2007 and 21.8 percent in 2010.
``IT will explain around half of this year's GDP growth. Considering its exponential ripple effects across the industries, the actual effects will be even greater,'' an ETRI official said.