ID :
18825
Wed, 09/10/2008 - 16:15
Auther :
Shortlink :
https://oananews.org//node/18825
The shortlink copeid
S. Korea to invest 50 tln won on balanced national development
SEOUL, Sept. 10 (Yonhap) -- South Korea said Wednesday that it will invest 50 trillion won (US$45.8 billion) over the next five years to finance state-led provincial development projects mostly aimed at expanding logistical networks and helping balance the nation's advancement.
The government will pick up 50 percent of the envisioned investment, while the
private sector will pay the remainder, the Finance Ministry said. The investment
plan and other detailed measures were reported to a meeting earlier chaired by
President Lee Myung-bak, the ministry said.
Under the five-year plan, compiled jointly with the Ministry of Land, Transport
and Maritime Affairs, the government has selected a total of 30
"leading" projects, including the construction of roads, railways,
airports and bridges that connect each province.
"The plan announced today will not just help the nation's balanced
development but also boost job creation and rejuvenate the overall economy,"
Finance Minister Kang Man-soo told a press conference.
"We intend to help develop provincial areas so that they can compete with
the Seoul metropolitan area down the road on a level playing field," Kang
said. "After that, we can think about easing development-related regulations
in and around Seoul."
According to the plan, the government will categorize the nation into seven major
economic blocs and select one or two specialized industries for each region in
line with the central government's proposed principle.
Of the seven economic blocs, the Seoul metropolitan area will be developed into a
global business and financial hub, while the nation's central Chungcheong
provinces will be transformed into a medical, bio and semiconductor center,
similar to the United States' Silicon Valley.
The Jeolla Provinces in the southwest will focus on new energy development, while
the southeastern area surrounding the nation's largest port city of Busan will be
turned into a logistical center, the ministry said.
Jeju, the nation's southernmost resort island, will be transformed into Asia's
largest international free trade center, according to the ministry.
Detailed business plans such as which industry will be selected for each province
will be determined on a local government level earlier next year, the ministry
said.
"We expect that each province will secure a global competitive edge in a
knowledge-based industry by focusing their investment on such key sectors,"
the ministry said.
In a related move, South Korea plans to designate one or two
"strategic" universities in each economic bloc to provide talented
workers needed to spearhead regional development.
The ministry said that it will offer around 2.3 trillion won to support those
schools and research and development activities.
Roads and railways will be expanded across the nation in a way to lower the
overall logistical costs, while airports and seaports will also be established to
facilitate the globalization of each province, the ministry said.
kokobj@yna.co.kr
(END)
The government will pick up 50 percent of the envisioned investment, while the
private sector will pay the remainder, the Finance Ministry said. The investment
plan and other detailed measures were reported to a meeting earlier chaired by
President Lee Myung-bak, the ministry said.
Under the five-year plan, compiled jointly with the Ministry of Land, Transport
and Maritime Affairs, the government has selected a total of 30
"leading" projects, including the construction of roads, railways,
airports and bridges that connect each province.
"The plan announced today will not just help the nation's balanced
development but also boost job creation and rejuvenate the overall economy,"
Finance Minister Kang Man-soo told a press conference.
"We intend to help develop provincial areas so that they can compete with
the Seoul metropolitan area down the road on a level playing field," Kang
said. "After that, we can think about easing development-related regulations
in and around Seoul."
According to the plan, the government will categorize the nation into seven major
economic blocs and select one or two specialized industries for each region in
line with the central government's proposed principle.
Of the seven economic blocs, the Seoul metropolitan area will be developed into a
global business and financial hub, while the nation's central Chungcheong
provinces will be transformed into a medical, bio and semiconductor center,
similar to the United States' Silicon Valley.
The Jeolla Provinces in the southwest will focus on new energy development, while
the southeastern area surrounding the nation's largest port city of Busan will be
turned into a logistical center, the ministry said.
Jeju, the nation's southernmost resort island, will be transformed into Asia's
largest international free trade center, according to the ministry.
Detailed business plans such as which industry will be selected for each province
will be determined on a local government level earlier next year, the ministry
said.
"We expect that each province will secure a global competitive edge in a
knowledge-based industry by focusing their investment on such key sectors,"
the ministry said.
In a related move, South Korea plans to designate one or two
"strategic" universities in each economic bloc to provide talented
workers needed to spearhead regional development.
The ministry said that it will offer around 2.3 trillion won to support those
schools and research and development activities.
Roads and railways will be expanded across the nation in a way to lower the
overall logistical costs, while airports and seaports will also be established to
facilitate the globalization of each province, the ministry said.
kokobj@yna.co.kr
(END)
