Germany, which currently offers an average Internet speed of 11 Mbps, has taken a decisive step forward in data transmission technology by ensuring that all of its citizens will have access to 50 Mbps broadband by 2018. This is 10 times faster than the average universal broadband speed, according to the Next Web.

This bold proposition would place Germany ahead of South Korea, which currently provides the world’s fastest average broadband speed of 23.6 Mbps. The anticipated cost of this plan is $3.01 billion.

“The German Federation will contribute up to 50 percent of the costs,” German Minister for Transport and Digital Infrastructure Alexander Dobrindt recently explained.  “A combination with development programs provided by German states is possible and can offer a further 40 percent of financing. The community would then have to provide the remaining 10 percent.”

Although broadband expansion bids also exist in the U.S., it will be difficult to match Germany’s plan since many broadband providers are hesitant about increasing speed coverage in locations that do not have the state funding to back such proposals. However, increased broadband speeds are vital to economic progress.

In Wisconsin, for example, the state is making a concerted effort to support broadband growth.

“The return on the investment, from the state’s perspective, I think would be measured in the form of economic stability and activity over time, which of course leads to tax revenue,” said Tom Still, president of the Wisconsin Technology Council.

As the European Investment Bank has affirmed, “Achieving broadband penetration targets is important, improving the quality of the services, such as greater broadband speed, also leads to higher economic outputs of countries.”