SEOUL, KOREA - K-Tech is held by the Ministry of Knowledge Economy alongside KOTRA and the NIPA to create opportunities for promoting exchanges of technology, human resources and capital between Korea and the U.S. This process occurs throughout publicizing IT convergence and displaying Korea’s future vision in the global IT convergence sector. As a result, "K-Tech @ Silicon Valley 2012" was held at the Marriot Hotel in Silicon Valley, San Francisco for two days from November 12 to 13.
“From the Korean side, about 90 companies and research organizations pushing forward with global IT convergence projects took part in the event,” said Moon Byung-chul, team leader of the Software Promotion Team from the Ministry of Knowledge Economy. “Approximately 300 people came from the American side including representatives of the U.S. government, research organizations, companies and venture capital firms.”
"K-Tech @ Silicon Valley 2012" consisted of the IT Convergence Conference where Korean and American IT convergence specialists shared technology and knowledge with one another, as well as suggesting visions for IT convergence.
“Other major events were meetings between Korean IT firms and American buyers, a Technology Road Show to publicize IT technology of Korean research institutes, the Start-Up IR for Korean firms to attract venture capital from the U.S., and a job fair to recruit excellent Korean human resources in Silicon Valley,” Moon added.
According to Moon, "K-Tech @ Silicon Valley 2012" is very significant to both Korea and the U.S. “Many countries, such as France, India, China and Australia have held their annual technology events in Silicon Valley, the center of the global IT industry,” Moon explained. “However, Korea did not have such an event even though the U.S. was the second largest trade partner of Korea and 40% of the trade volume between Korea and the U.S. is in IT-related products.”
As a result of this, Korea held its national technology event in the IT convergence center. Moon said, “Of particular notice, this year marks the 130th anniversary of the official diplomatic relationship between Korea and the U.S., and the first year of the effectuation of the Korea-U.S. FTA. So the meaning of "K-Tech @ Silicon Valley 2012" is very special,” Moon emphasized.
The Korean government expects K-Tech to internationalize Korea’s IT convergence and promote the globalization of Korean IT companies. In particular, Korean officials hope that K-Tech will serve as an opportunity to enable people to understand that new growth engines through IT convergence and global cooperation will be a key to allowing Korea to achieve a goal of US$2 trillion in trade in the future.
Experts from leading IT convergence companies such as Google, Microsoft, TI, LG, SKT and Hyundai Motor assessed the level of global IT convergence. Companies are creating synergies –- more added value and higher productivity -- by combining IT and traditional industries such as autos and shipbuilding. They all agreed that as the border between IT and non-IT is being broken down, IT convergence is emerging as the core of companies' future competitiveness.
“Korea is taking the lead in IT convergence on the basis of its strong IT infrastructure,” Moon said. “They emphasized a strong need to expand exchanges of technology and human resources between Korea and the U.S.” In particular, IT convergence is active in sectors such as IT (smart vehicles, smart greed, wearable healthcare technology and smart hospitals), cars, energy, and healthcare.
Korea has been expanding its global reach through its IT prowess while taking initiative in the world IT industry. As such, K-Tech has taken a meaningful step towards guaranteeing a better future. Asked about the future direction of K-Tech, Moon said, “The Korean government is planning to steadily push forward with the K-Tech as an annual event.”
