Police will move to create a fund to strengthen the competitiveness of the public safety industry.
The Korean National Police Agency held the sixth public safety industry promotion council on the 24th and discussed creating the national safety industry fund, enacting the public safety industry promotion act, and establishing the public safety industry promotion association.
At the meeting, participants focused on the status and direction of establishing the national safety industry fund to support the growth and commercialization of technology corporations in the public safety sector. This year, the first year of forming the fund, the goal is to create a fund of more than 10 billion won by combining the Korean National Police Agency investment of 5 billion won with at least 5 billion won in private capital.
As of 2024, the domestic public safety industry market is 39 trillion won. However, among 15,395 related corporations, small firms with fewer than 50 employees account for 84.5% (13,005), indicating a predominance of microbusinesses.
The meeting also shared the progress of promoting the enactment of the public safety industry promotion act (tentative name) and plans to establish the public safety industry promotion association (tentative name). The Korean National Police Agency is reviewing signing a memorandum of understanding (MOU) with the United Arab Emirates (UAE) in Oct. to foster the public safety industry, and expects that, once the association is established, technology exchanges and joint research and development between corporations in both countries, as well as support for entering overseas markets, will be possible.
Acting Korean National Police Agency Commissioner Yu Jae-seong said, "We will firmly lay the policy and institutional groundwork so that the K-public safety industry can establish itself as a new national brand."