TMCnet News
SOUTH KOREA TO SPEND BIG ON NEW GROWTH ENGINESSEOUL, May 26, 2009 (AsiaPulse via COMTEX) -- South Korea said Tuesday it plans to spend 24.5 trillion won (US$19.4 billion) in the next five years to develop "star brands" that can fuel the country's long-term economic growth. The plan calls for concerted efforts to build up 62 star brands in 17 key growth sectors such as green technology, high-tech convergence and value-added services, the Ministry of Knowledge Economy said. "Star brands refer to products and technologies that have the highest potential to grab future markets and create new businesses opportunities down the line," said Cho Seok, a deputy minister. The state support aims to boost the country's competitiveness in advanced fuel cells, clean transportation, convergence, robotics, biotech, nuclear energy and advanced information technology by 2013, he said. Funds will also be allocated to bolster competitiveness in healthcare and software and organize industry events. "South Korea currently does not lead in these areas, but because they are new and cutting-edge there is little technological gap with other advanced industrialized countries," the official said. He stressed the government and business community will share R&D information and detailed plans for full-scale production. The growth plan could help create 700,000 new jobs over the next 10 years and establish 300 small and medium enterprises by the target year, the ministry said (Yonhap) |