Bicycle industry highlights S. Korea's green growth strategy: official

(ATTN: CORRECTS company name in paras 2, 8)
SEOUL, July 24 (Yonhap) -- The growth of South Korea's bicycle industry
highlights the country's commitment to eco-friendly economic expansion, a senior
government official said Friday.

Knowledge Economy Minister Lee Youn-ho made the remark at a ground-breaking
ceremony for a new plant to be built by Samchuly Bicycle Industrial Co. in
Uiwang, south of Seoul.
The new plant, located on a site measuring 8,000 square meters, will have an
annual production capacity of 100,000 upper-end bike models with operations set
to begin in early 2010.
"Bicycles are helping South Koreans to become more conscience about the ecology
and could lead to sustained industrial and economic growth," Lee said.
He added that as part of the government's "green growth" policy initiative, the
government will provide extensive support for the industry in the form of social
infrastructure.
The Lee Myung-bak administration said it will lay down 3,000km of dedicated
bicycle lanes across the country by 2018, with 170km to be built this year. Such
efforts are expected to encourage people to use bikes for both leisure and
transportation purposes.
South Korean companies provided the bulk of bicycles to meet local demand until
the 1990s, posting a trade surplus in this sector before losing ground to cheap
imports from countries including China and Taiwan.
At present, the country's seven bicycle companies, including Samchuly, InFiza,
Alton and Mando Corp., produce around 200,000 units per year out of a total
market of 2.40 million units. The South Korean sector posted a trade deficit of
US$100 million in 2007.
yonngong@yna.co.kr
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