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Jeju's test Smart Grid proves to have a large economic effect
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Korea's burgeoning Smart Grid industry has been found to have a large economic effect, according to Agriculture Fishery Livestock Farming and Knowledge Industry Committee. The announcement was made by Jeju Special Self-Governing Provincial Assembly on June 14.

The research paper titled “Analysis of the economic ripple effect of the Smart Grid industry using an inter-industry relation table,” found the production inducement coefficient of the Smart Grid industry to be 7.764, which is twice to three times higher than those of the fuel and chemical products industry (2.716), non-metal chemical products industry (4.824), and machine and equipment industry (3.433).

The value-added inducement coefficient of the Smart Grid industry is 3.535, which is also higher than other industries (0.694 to 1.874). The number of potential employees on the island begins at more than 40,000, some seven times higher than other industries (5,410 to 28,039).

According to the committee, “Concerned organizations and research centers should make timely investments … to raise efficiency in Smart Grid R&D.”

(Translation by Kim Jung Lim)
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