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MOCIE to Inject 7 Trillion Won into Next-Generation Industries
November 24, 2004
As part of the Korean version of the New Deal policy to reactivate the economy and after consulting with relevant ministries, the Ministry of Commerce, Industry, and Energy plans to inject 7.2 trillion won into four projects.
The four projects are the encouragement of new investment projects, technology development for small and medium-sized companies, balanced regional development and new energy regeneration projects. These plans are part of the ministry's strategy to foster next-generation growth-oriented industries to attain $20,000 per capita in GDP, which was announced at an economic workshop that included the ruling Uri Party, government, and Cheong Wa Dae held in Gwacheon on Nov. 7.
The ministry will push for 36 tasks in the four fields by spending a total of 7.1 trillion won after consultations with the relevant ministries. More specifically, MOCIE will spend 3.4 trillion won for 18 large-scale investment projects; 1.9 trillion won for the development of technology in small and medium-sized companies and funds for facility investment; 400 billion won for industrial estate reform clusters and balanced regional development projects; and 1.3 trillion won for new energy regeneration and infrastructure creation projects.
By task, it will push for 18 new investment projects through 18 public corporations, including reserve bases, LNG supply projects, and the construction of power plants for Korea GAS Corp., KEPCO and Korea National Oil Corp.
For technology development in small and medium-sized companies, it will extend special guarantees to smaller companies for facility investment, create an investment association with a volume of 500 billion won for the coming five years for technology projects, and build a joint logistics center for smaller companies.
To expand investment in projects for balanced regional development, the ministry will concentrate on three tasks: the expansion of industrial estate reform clusters for the activation of industrial estates, the construction of a base for the regional reform industry, and the expansion of regional reform specialization projects.
It will also push for projects to develop energy regeneration and saving more energy.
Related to this, the ministry will create a theme park near nuclear power facilities, expand new energy regeneration projects in preparation for the implementation of the Kyoto protocol, and expand facility loans for energy saving and the production of alternative energy.