The Ministry of Knowledge Economy has announced three new “growth engines” for the nation’s economy: green technology, “high-technology industrial convergence” and “valued-added industries.” The Ministry will work to attract KRW 90.5 trillion ($66.9 billion) in private funding by 2013 for 10 projects. The government will contribute KRW 7.3 trillion to the projects, as well as create a private equity fund with KRW 250 billion. Green technology projects include renewable energy and technology to reduce greenhouse-gas emissions. High-tech industrial convergence projects include alternative industrial materials, biotech and medical technology. Investments in value-added industries will focus on software. The government also plans to increase R&D as a percentage of GDP from 3.47% in 2007 to around 5% by 2013 for a total of KRW 287 trillion. Investments in an additional seven projects, including water treatment and food projects, will be announced in the future.

Source: JoongAng Daily