South Korea to double its number of smart factories in 2017

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South Korea plans to up its investment in smart factories in 2017, the Business Korea reported recently, increasing the number to 5,000 by the end of the year.
Earlier this year, the Ministry of Trade, Industry & Energy announced that the South Korean government will be investing 90.5 billion won in smart factories over the coming months, and the private sector will be investing 20.3 billion won.
In addition to building more smart factories - including those for small- and medium-sized enterprises - the ministry plans to diversify the type of smart factory, too.
The new smart factories will supposedly include 500 based on clean energy, for an even higher level of energy efficiency, and 50 cloud-based smart factories capable of connecting different manufacturing sectors and regions.
The government will invest a further 99.1 billion won to make smart factories more competitive when it comes to the manufacture of sensors and controllers. Assistance for international M&A will be provided for those struggling to develop technology themselves.
Also in the pipeline are R&D by South Korean firms and global companies and research institutions.
By the end of last year, South Korea had built a total of 2,800 smart factories. These facilities have improved productivity in the firms running them by almost a quarter (23%). They have also reduced the proportion of defective products by 46%, and overall costs by 16%.
By 2020, the country hopes to increase the number of these intelligent, energy-efficient factories to 10,000.
Smart factory Korea



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