The CTO and Chief Engineer, Andrii Slobodian, has been working in the Republic of Korea for more than 10 years. Ease of doing business in this country and a number of other advantages were the main reasons for Andrii and his team to start the Infinity SAV Co., Ltd. and iSAV Co., Ltd. here.
Korea provides an ideal environment for business success: experienced and highly-qualified personnel, world class infrastructure, intellectual property rights protection, business-friendly investment environment and government support.
With their rigorous work ethic, Korean workers have some of the longest weeks among members of the OECD, behind only Mexico, what explains the phenomenal success achieved in the number of industries, such as Construction, IT, Engineering and Biotechnology, Smart Technologies, Green Technologies and Sustainable Development. Such partnership with the Korean business creates synergy effect and provides for efficient business development and production.
In addition, Korea ranks fifth in the world in The Ease of Doing Business Index, overtaking the USA and 1st in the Bloomberg Global Innovation Index, specifically for R&D spending, education and patents.
IT, Biotechnology, Advanced Materials, Medicine, Space Technology, Robotics have been selected as top priority industries in the recently introduced national development strategy. In all areas where breakthroughs are possible in the coming years, Korea plans to become one of the world leaders.
Small business and entrepreneurship contributes significantly into R&D sector. In 2018, over 30 thousand companies in Korea fell under high-tech startups category.
Among the reasons of Korean companies’ success are significant government support, good infrastructure, increased availability of venture capital, and the launch of numerous accelerator programs.
In the 1960s, being one of the poorest countries, Korea lagged behind the Democratic Republic of the Congo (DRC), but since then the country has emerged to become one of the Asian Tigers with the high-growth economies.
Nowadays, Korea is placed within world’s top 15 countries by GDP. Korean economy hinges on by several gigantic manufacturing conglomerates. Billions of dollars have been allocated by Korean government to spend on the promotion of the new “Creative Economy” Project. Main tasks of the Project are infrastructure advancement and new industry sectors introduction to give momentum to the economic development.
According to government data, in 2018, private and public investment in technology start-ups amounted to 2.5 trillion won ($2.3 billion), an increase of 62% compared to 2013.
In 2013, the Ministry of Science, ICT and Future Planning was created with the purpose of identifying business areas with the highest technological potential. Over the past year, the budget, spent by the new Ministry amounted to $16 billion, of which more than $2 billion was directly invested in technology start-ups through various venture funds. The government believes that the more diverse the business is, the richer and more stable the economy as a whole will be. On a percentage to GDP ratio, Korea spends most of the funds on Research and Development, what equals to 4.15%.
Thus, we at Infinity SAV consider Korea as a test bed for our technologies and products prior to their global launch.