ID :
40466
Tue, 01/13/2009 - 17:22
Auther :
Shortlink :
http://m.oananews.org//node/40466
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S. Korea aims to become top five industrial parts manufacturer by 2012
By Lee Joon-seung
SEOUL, Jan. 13 (Yonhap) -- The government said Tuesday that it would inject 1.5
trillion won (US$1.1 billion) into industrial parts and materials, with the aim
of becoming one of the world's top five manufacturers in the sector by 2012.
The plan calls for pushing up South Korea's technology level in this field to 90
percent of advanced industrialized countries and grabbing 10 percent of the
global market share, which would help push up the annual trade surplus to $90
billion in the target year, the Ministry of Knowledge Economy said.
South Korea's trade surplus in this sector reached $34.9 billion last year with
the country ranking seventh after the United States, Germany, Japan, China,
France and Britain. If the 2009-2012 plan proceeds according to plan, the country
is expected to bypass France and Britain.
The ministry in charge of the country's industrial policies also said at the
National Science and Technology Council chaired by President Lee Myung-bak, that
of the total, close to 1.29 trillion won will be spent on research and
development (R&D) with the rest to be used to help build the necessary
infrastructure. For 2009, 328.7 billion won worth of funds are to be spent with
92.0 billion being allocated for the development of basic technologies that are
critical for long term growth.
It added as part of the development plan, Seoul will help create 50,000 new jobs,
while attracting $5 billion in foreign direct investment in this sector that can
contribute to inflow of knowhow and technology.
Policymakers and economists have said the parts and materials industry is
important because it can boost the overall competitiveness of the country and
help reduce South Korea's chronic trade deficit with Japan that reached a record
$32.8 billion last year. From 1965 the aggregate trade deficit the neighboring
country has reached $344 billion since local manufacturers have relied heavily on
imported parts and materials from Japan to make products.
yonngong@yna.co.kr
(END)
SEOUL, Jan. 13 (Yonhap) -- The government said Tuesday that it would inject 1.5
trillion won (US$1.1 billion) into industrial parts and materials, with the aim
of becoming one of the world's top five manufacturers in the sector by 2012.
The plan calls for pushing up South Korea's technology level in this field to 90
percent of advanced industrialized countries and grabbing 10 percent of the
global market share, which would help push up the annual trade surplus to $90
billion in the target year, the Ministry of Knowledge Economy said.
South Korea's trade surplus in this sector reached $34.9 billion last year with
the country ranking seventh after the United States, Germany, Japan, China,
France and Britain. If the 2009-2012 plan proceeds according to plan, the country
is expected to bypass France and Britain.
The ministry in charge of the country's industrial policies also said at the
National Science and Technology Council chaired by President Lee Myung-bak, that
of the total, close to 1.29 trillion won will be spent on research and
development (R&D) with the rest to be used to help build the necessary
infrastructure. For 2009, 328.7 billion won worth of funds are to be spent with
92.0 billion being allocated for the development of basic technologies that are
critical for long term growth.
It added as part of the development plan, Seoul will help create 50,000 new jobs,
while attracting $5 billion in foreign direct investment in this sector that can
contribute to inflow of knowhow and technology.
Policymakers and economists have said the parts and materials industry is
important because it can boost the overall competitiveness of the country and
help reduce South Korea's chronic trade deficit with Japan that reached a record
$32.8 billion last year. From 1965 the aggregate trade deficit the neighboring
country has reached $344 billion since local manufacturers have relied heavily on
imported parts and materials from Japan to make products.
yonngong@yna.co.kr
(END)
