ID :
18828
Wed, 09/10/2008 - 16:17
Auther :
Shortlink :
https://oananews.org//node/18828
The shortlink copeid
S. Korea to support leading regional industries
By Lee Joon-seung
SEOUL, Sept. 10 (Yonhap) -- South Korea will inject 5.5 trillion won (US$5.05 billion) through 2012 to bolster the competitiveness of leading regional industries that have the potential to create jobs and become future growth engines, the government said Wednesday.
The Ministry of Knowledge Economy said the plan calls for concentrated support going to one or two key industries in each of the seven large regional economies,
with emphasis being placed on generating tangible benefits for local residents.
In 2009, a total of 1.01 trillion won will be allocated for the plan.
The seven large economies include Seoul-Gyeongii province, Gangwon, Daegu-North
Gyeongsang, Chungcheong, Jeolla, the Southeast region centered around the city of
Busan, and Jeju Island.
The plan, announced at the second meeting of the national balanced development
committee, chaired by President Lee Myung-bak, places emphasis on further
developing past provincial support policies that have yet to breathe new life
into regional economies.
During the 1999-2007 period, Seoul allocated 2.3 trillion won into various
economic projects pursued by 13 cities and provinces.
"Money spent in the past has helped build up industrial hardware and
infrastructure, but allocations were too diverse, resulting in overlapping
support," said Vice Industry Minister Rim Che-min.
Rim also said such diversity of support went against the global trend of broad
sector economies, such as the nine Regional Development Agencies in Britain and
large scale competition clusters being pursued in France.
The senior policymaker said the new policy directives would help produce
so-called economies of scale, that can insure sustained growth and job creation.
He added that efforts will be made to not only build key industries, but make it
so that related research and development, production and sales can take place
within the respective economy.
The official said that compared to previous years, when Seoul and Gyeonggi
Province were excluded from state support, the latest plan calls for this region
to become the hub for the country's finance-business services and logistics.
The Gangwon region, located on South Korea's east coast, will be built up as a
major medical and tourist center, with Chungcheon slated to become home to the
bio-medical industry and semiconductor-display businesses.
Energy and mobile communication are to be the leading industries for Daegu-North
Gyeongsang, with Jeolla focusing on reusable energy and fiber optics.
The Southeast Region will be developed into a transportation and materials hub,
while Jeju will receive funding to expand its leisure sector.
Rim said that more detailed development plans are to be released by the end of
October, with revisions to the law in support of such efforts to be completed by
the end of the year.
yonngong@yna.co.kr
SEOUL, Sept. 10 (Yonhap) -- South Korea will inject 5.5 trillion won (US$5.05 billion) through 2012 to bolster the competitiveness of leading regional industries that have the potential to create jobs and become future growth engines, the government said Wednesday.
The Ministry of Knowledge Economy said the plan calls for concentrated support going to one or two key industries in each of the seven large regional economies,
with emphasis being placed on generating tangible benefits for local residents.
In 2009, a total of 1.01 trillion won will be allocated for the plan.
The seven large economies include Seoul-Gyeongii province, Gangwon, Daegu-North
Gyeongsang, Chungcheong, Jeolla, the Southeast region centered around the city of
Busan, and Jeju Island.
The plan, announced at the second meeting of the national balanced development
committee, chaired by President Lee Myung-bak, places emphasis on further
developing past provincial support policies that have yet to breathe new life
into regional economies.
During the 1999-2007 period, Seoul allocated 2.3 trillion won into various
economic projects pursued by 13 cities and provinces.
"Money spent in the past has helped build up industrial hardware and
infrastructure, but allocations were too diverse, resulting in overlapping
support," said Vice Industry Minister Rim Che-min.
Rim also said such diversity of support went against the global trend of broad
sector economies, such as the nine Regional Development Agencies in Britain and
large scale competition clusters being pursued in France.
The senior policymaker said the new policy directives would help produce
so-called economies of scale, that can insure sustained growth and job creation.
He added that efforts will be made to not only build key industries, but make it
so that related research and development, production and sales can take place
within the respective economy.
The official said that compared to previous years, when Seoul and Gyeonggi
Province were excluded from state support, the latest plan calls for this region
to become the hub for the country's finance-business services and logistics.
The Gangwon region, located on South Korea's east coast, will be built up as a
major medical and tourist center, with Chungcheon slated to become home to the
bio-medical industry and semiconductor-display businesses.
Energy and mobile communication are to be the leading industries for Daegu-North
Gyeongsang, with Jeolla focusing on reusable energy and fiber optics.
The Southeast Region will be developed into a transportation and materials hub,
while Jeju will receive funding to expand its leisure sector.
Rim said that more detailed development plans are to be released by the end of
October, with revisions to the law in support of such efforts to be completed by
the end of the year.
yonngong@yna.co.kr
