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Korean gov't unveils measures to boost regional economy Updated: 2014-03-13 06:38:08 KST

The Korean government has been trying to spur the nation's economic recovery and this time, the focus is on regional economies.
After a meeting led by President Park Geun-hye to foster trade and investment on Wednesday, the government laid out a set of measures to boost the regional economy.
Under the latest plan, the government will help each municipal government develop a specialized industry like film and video industry for the southern port city of Busan and cultural content industry for the southwestern city of Gwangju.

"To foster cities with a sepcialized industry the government will ease regulations and provide tax benefits."

The government added that it will provide support for business projects that were voluntarily proposed by 56 regional blocs to develop new growth engines.
Among measures aimed at helping turning rural areas into economically vibrant spots is the lifiting of development restrictions in forested zones.
That will allow the construction of commercial facilities in the so-called "green belt" areas.
The only exception for such areas has been home construction.
Now, the government expects the measures to boost investment in regional economies by around 14-trillion won, or roughly 13-billion U.S. dollars.
It says no effort will be spared to promote corporate investment which is the key to revitalizing regional economies.

"The government emphasizes that while the central government has unilaterally pushed for regional development so far, the measures this time around make local governments take the lead in drawing up their own development strategies.
Hwang Ji-hye, Arirang News."


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