S. Korea to inject 900 bln won to establish leading regional industries

SEOUL, Dec. 21 (Yonhap) -- The South Korean government said Sunday it will set aside 900 billion won (US$697 million) starting in 2009 to help establish leading regional industries that can contribute to balanced growth across the country.
The three-year-long support plan calls for partitioning the country into seven
broad economic regions each with designated industries that hold the greatest
growth potential, the Ministry of Knowledge Economy said.
It said work will begin in 2009 and that 201.7 billion won would be allocated in
the first year.
Seoul and Incheon, as well as the surrounding Gyeonggi Province region, have said
they hope to become the center for information-based businesses, while the
Chungcheong and Gangwon regions are respectively aiming to build up their
bio-medical and medical tourism industries.
The Daegu-North Gyeongsang region drew up a plan to become the hub of South
Korea's eco-friendly energy sector, while the southeastern part of the country
centered on the port city of Busan said it will strive to develop
transportation-related machinery and parts industries. Cities in the region are
home to world's largest ship yards and Hyundai Motor Co., South Korea's No. 1
carmaker.
The southern resort island of Jeju, meanwhile, has said it wants to invest money
in transforming itself into the nation's recreation and leisure capital.
The ministry said that of the seven regions, only Jeolla, on the country's
southwestern coast, has not submitted a proposal regarding what type of industry
it could develop in the coming years.
The overall blueprint is a follow up to the national balanced growth committee
meeting held in September and aims to diversify business investments now centered
mainly in Seoul and its immediate vicinity.
yonngong@yna.co.kr
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