[THE INVESTOR] A virtual reality cluster will be formed in western Seoul, and up to 30 percent of related R&D costs will be tax exempt, government plans showed on July 7.

According to the plans drawn up as part of the government’s strategy for boosting trade and investment, a VR cluster will be set up in Seoul’s Digital Media City and 60 billion won (US$ 51.8 million) will be invested in the field until the end of next year. The fund will be raised in equal parts by the government and the private sector.


Companies working in VR-related fields taking up residence in the cluster will be provide various incentives, and have access to VR-specific infrastructure that will be constructed.

In addition, a 20 billion won fund will be established this year to invest in companies developing VR technologies and contents. A fund of equal scale will be raised next year for similar purposes.

As part of the plans, the government will draw up guidelines for VR contents use by the end of next year.

By Choi He-suk (cheesuk@heraldcorp.com)