The Korean Government has decided to use the new concept address from 2012, which is expected to yield over 300 million-dollar new markets of information system, including post offices, finance and communications. IT industry is also recruiting a task force.
The Ministry of Public Administration and Security announced on October 18 that there would be an advanced guidance from Oct 27 to Nov 30 about the change of house-number -based addresses to the street-name-based one by 2012.
The Ministry of Public Administration and Security is going to gather the opinions of the people and confirm the bill by 2011 July, and start using the new address system from 2012. The new address system will employ the names of streets and buildings that can easily be seen instead of the existing system.
Maeng Hyung-kyu, Minister of Public Administration and Security, expected this project would reduce about 4 billion dollars of social and economic expenses annually, promoting the development of location based businesses in the future.
