South Korea needs to improve the overall competitiveness of its robotics industry amid growing challenges posed by Chinese rivals, a state-run think tank said on Nov. 11, 2018.
According to the Korea Institute for Industrial Economics and Trade (KIET) report that highlighted growth strategies of the Chinese robot industry, robotics firms in the world's No. 2 economy grew an average of 29.7 percent annually in the 2013-2018 period. It said the total size of this market will reach US$8.74 billion this year, with China accounting for a third of all industrial robots. In 2017, sales of such robots jumped 30.2 percent on-year to $5.12 billion.
KIET said that the Beijing government is making a concerted effort to build up the robotics industry as it strives to become the top manufacturing country in the world and has focused its resources to meet this goal.
"China has set up a three year development plan to build up smart household and public sector robots as well as those specialized in medical fields and emergency response," the think tank said.
It said China has invested heavily in research and development as well as the purchase of related foreign companies to secure technology and market share.
KIET said that with the advent of the fourth industrial revolution, South Korea must enhance its competitiveness in new growth engines and innovative growth, with robotics promising to contribute to the country's overall standing going forward.(Yonhap)