S. Korea to spend 126.4 tln won for regional growth

By Lee Joon-seung
SEOUL, Sept. 16 (Yonhap) -- South Korea will spend 126.4 trillion won (US$104.2
billion) in five years to help regional growth and bolster global
competitiveness, the government said Wednesday.
The blueprint announced at the Presidential Committee on Regional Development
breaks down the country into seven large regions and outlines ways to build up
growth potential and provide improved living and business conditions that can
benefit respective economies.
The Ministry of Knowledge Economy in charge of drawing up the plan, said at the
meeting chaired by President Lee Myung-bak that 71.2 trillion won can come from
the central government, with 24.3 trillion won and 30.9 trillion won to be
created by regional administrations and the private sector respectively.
"Emphasis has been moved from simple balanced national growth pursued in the past
to allowing each region to become truly competitive on a global scale," said Jung
Soon-nam, head of the ministry's regional economic policy bureau.
He claimed that if the investments are carried out in a timely manner, the
injection of funds will generate 327.9 trillion won worth of new output for the
country.
Of the total to be spent from 2009 through 2013, 46.5 trillion won will be used
on strengthening transportation infrastructure, 19.4 trillion won to bolster
overall living and business conditions and 14.8 trillion won to develop local
hubs that can act as magnets to draw investment and stimulate growth.
Other outlays will call for 22.0 trillion won to be spent on specialized
development that can best meet local requirements and finding new income
generating businesses.
A further 9.9 trillion won has been earmarked for revitalizing regional economies
that have been hard hit by the worldwide economic downturn, with 6.8 trillion won
and 7.0 trillion won to be spent respectively on training qualified experts and
fuel tourism and cultural activities.
yonngong@yna.co.kr
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