S. Korea holds public-private meeting on quantum tech amid intensifying global race

By Kim Han-joo SEOUL, June 26 (Yonhap) -- The government convened a consultative meeting with the private sector Thursday to discuss the development of quantum technology amid an intensifying global race to secure a future game changer across economic and security domains, the finance ministry said. The consultative body, led by the Ministry of Economy and Finance, includes relevant government agencies; major research institutions, such as the Korea Advanced Institute of Science and Technology (KAIST); and leading companies in the quantum technology sector. The global quantum technology market, currently valued at US$2.34 billion, is projected to grow nearly tenfold to reach $24.6 billion by 2033, according to the ministry. "Quantum science and technology represents a strategic field with the potential to bring significant ripple effects across all sectors, including the economy, security and society," said Shin Sang-hoon, a finance ministry official who leads the consultative body. "The government must take the lead in securing technological supremacy through steadfast policy implementation and bold investment." Quantum technologies are increasingly seen as critical drivers of transformation in key industries, such as pharmaceuticals, chemicals and aerospace, the ministry said. In response, major global powers, such as the United States, the European Union and Japan, are pursuing national strategies and large-scale R&D investments. During the meeting, industry representatives proposed several policy recommendations, such as expanding support for the quantum components and materials sector, the ministry said. The participants also urged the government to enhance support for the industry to maintain competitiveness in the global quantum race. The finance ministry building (Yonhap) khj@yna.co.kr(END)