ID :
69177
Sun, 07/05/2009 - 22:23
Auther :
Shortlink :
https://oananews.org//node/69177
The shortlink copeid
S. Korea to expand fiscal spending, tax benefits on 'green' investment
SEOUL, July 5 (Yonhap) -- South Korea's government said Sunday that it will
expand its fiscal support for research and development into eco-friendly
technologies as part of its pursuit of "green" growth.
It also plans to launch a green fund aimed at offering a "stable credit line" to
small and medium-sized enterprises doing business in the sector.
These and other moves were part of measures determined in an earlier meeting
chaired by President Lee Myung-bak to bolster cash inflow into development of
eco-friendly technologies.
They came as South Korea is ramping up its drive for green growth aimed at
achieving sustainable expansion while minimizing consumption of energy and
natural resources and reducing production of greenhouse gases.
"The measures were intended to best utilize the existing capital market, while
establishing a mechanism for cash inflow tailored to the green industry," the
Ministry of Strategy and Finance said in a statement.
For this year, the ministry set aside 2 trillion won (US$1.58 billion) to support
development of green technologies but the amount will increase to 2.8 trillion
won by the end of 2013, the ministry said.
It also aims to launch a 1.1 trillion green fund by the same target year in order
to increase support for small and medium-sized companies in their pursuit of
green technologies.
Credit guarantees will increase to 7 trillion won by 2013 from this year's 2.8
trillion won for such green projects. A 500 billion won "green" private equity
fund will be launched during the second half of this year, the ministry said,
adding it will offer tax benefits for individual investors for the envisioned
fund.
Individual investors will also be given tax exemptions on their interest income
from "green bonds" and other financial products to be issued by banks in order to
help finance eco-friendly projects, according to the ministry.
To help reduce greenhouse gases, the ministry said it will launch a "carbon fund"
worth 100 billion won by the end of October this year, which will invest in
carbon emission right trading markets in development countries. It also aims to
launch the nation's own carbon trading market by the end of 2011.
kokobj@yna.co.kr
(END)
expand its fiscal support for research and development into eco-friendly
technologies as part of its pursuit of "green" growth.
It also plans to launch a green fund aimed at offering a "stable credit line" to
small and medium-sized enterprises doing business in the sector.
These and other moves were part of measures determined in an earlier meeting
chaired by President Lee Myung-bak to bolster cash inflow into development of
eco-friendly technologies.
They came as South Korea is ramping up its drive for green growth aimed at
achieving sustainable expansion while minimizing consumption of energy and
natural resources and reducing production of greenhouse gases.
"The measures were intended to best utilize the existing capital market, while
establishing a mechanism for cash inflow tailored to the green industry," the
Ministry of Strategy and Finance said in a statement.
For this year, the ministry set aside 2 trillion won (US$1.58 billion) to support
development of green technologies but the amount will increase to 2.8 trillion
won by the end of 2013, the ministry said.
It also aims to launch a 1.1 trillion green fund by the same target year in order
to increase support for small and medium-sized companies in their pursuit of
green technologies.
Credit guarantees will increase to 7 trillion won by 2013 from this year's 2.8
trillion won for such green projects. A 500 billion won "green" private equity
fund will be launched during the second half of this year, the ministry said,
adding it will offer tax benefits for individual investors for the envisioned
fund.
Individual investors will also be given tax exemptions on their interest income
from "green bonds" and other financial products to be issued by banks in order to
help finance eco-friendly projects, according to the ministry.
To help reduce greenhouse gases, the ministry said it will launch a "carbon fund"
worth 100 billion won by the end of October this year, which will invest in
carbon emission right trading markets in development countries. It also aims to
launch the nation's own carbon trading market by the end of 2011.
kokobj@yna.co.kr
(END)
