ID :
23067
Tue, 10/07/2008 - 10:33
Auther :
Shortlink :
http://m.oananews.org//node/23067
The shortlink copeid
S. Korea poised to lure foreign schools to FEZs
By Lee Joon-seung
SEOUL, Oct. 7 (Yonhap) -- South Korea plans to spend 40 billion won (US$29.8 million) in 2009 to attract foreign schools and research institutes to the country's free economic zones (FEZ), officials said Tuesday.
The amount represents a sharp increase from the 5 billion earmarked for this year, and is to be used to help foreign schools construct facilities, the Ministry of Knowledge Economy said.
In the past, state support could only be used for initial operating costs and to
cover expenses related to the setting up of schools and institutes.
"The money would act as an 'anchor' to attract foreign institutions to come to
South Korea," said a ministry official.
He said the move could help North Carolina State University (NCSU) and Germany's
Friedrich-Alexander University set up branch campuses in the port cities of
Incheon and Busan, respectively.
Attracting foreign schools is integral to the development of the country's six
FEZs, as such facilities make it easier for multinational companies to set up
operations that require the posting of employees and their families.
The Salt Institute, a research body focusing on human stem cells, has established
a biosciences research center in Incheon, while NCSU is in the process of
building a biology laboratory in the city.
The country first designated Incheon, Busan-Jinhae and Gwangyang FEZs in 2003
followed by three more regions earlier this year. The new free economic regions
are the Yellow Sea, Saemangeum-Gunsan and Daegu-North Gyeongsang zones.
The ministry said that since the money will be given to prospective investors in
a matching fund arrangement with regional administrators, the actual size of
support could reach 80 billion won.
Under a long-term plan, Seoul aims to attract at least five foreign universities
and 10 high-tech laboratories to the FEZs.
yonngong@yna.co.kr
(END)
SEOUL, Oct. 7 (Yonhap) -- South Korea plans to spend 40 billion won (US$29.8 million) in 2009 to attract foreign schools and research institutes to the country's free economic zones (FEZ), officials said Tuesday.
The amount represents a sharp increase from the 5 billion earmarked for this year, and is to be used to help foreign schools construct facilities, the Ministry of Knowledge Economy said.
In the past, state support could only be used for initial operating costs and to
cover expenses related to the setting up of schools and institutes.
"The money would act as an 'anchor' to attract foreign institutions to come to
South Korea," said a ministry official.
He said the move could help North Carolina State University (NCSU) and Germany's
Friedrich-Alexander University set up branch campuses in the port cities of
Incheon and Busan, respectively.
Attracting foreign schools is integral to the development of the country's six
FEZs, as such facilities make it easier for multinational companies to set up
operations that require the posting of employees and their families.
The Salt Institute, a research body focusing on human stem cells, has established
a biosciences research center in Incheon, while NCSU is in the process of
building a biology laboratory in the city.
The country first designated Incheon, Busan-Jinhae and Gwangyang FEZs in 2003
followed by three more regions earlier this year. The new free economic regions
are the Yellow Sea, Saemangeum-Gunsan and Daegu-North Gyeongsang zones.
The ministry said that since the money will be given to prospective investors in
a matching fund arrangement with regional administrators, the actual size of
support could reach 80 billion won.
Under a long-term plan, Seoul aims to attract at least five foreign universities
and 10 high-tech laboratories to the FEZs.
yonngong@yna.co.kr
(END)
