S. Korea to provide intensive support for hybrid cars, LEDs

By Koh Byung-joon
SEOUL, July 10 (Yonhap) -- South Korea is considering providing more state
support for two or three green industries, including hybrid cars, to help
transform them into the nation's key growth engines within a few years, the
finance ministry said Friday.

"Hybrid cars and light-emitting diodes (LEDs) might be among those selected
industries subject to expanded financial and other support from the government,"
a ministry official said on condition of anonymity. "The list and other details
will be unveiled in late August or early September."
The move would after the government unveiled a comprehensive plan in January to
nurture the nation's growth engines, in which it selected a total of 17
future-oriented businesses in three core industries deemed to lead the country's
economic growth in years to come.
One of the three industries is green technology, which consists of 6 business
sectors -- renewable energy, carbon-reducing energy, high-tech water management,
LEDs and green transportation and city planning.
"We are planning to reduce the number of green sectors to two or three from the
six. Hybrid cars and LEDs will likely be included though the selection will be
based on whether they have enough market competitiveness to be commercialized
within a few years," he said.
Which industries will be included on the list is open to adjustment as
discussions are still underway among related government agencies but once
selected, they would receive "focused" and "expanded" state help in terms of
financing, tax benefits and market creation, the official said.
South Korea has been 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.
Earlier this week, the government announced that it will inject around 2 percent
of its gross domestic product every year for green growth as part of its
long-term blueprint to become one of the world's top seven green powerhouses by
2020.
kokobj@yna.co.kr
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