Investment News
- Home
- About Us
- Newsroom
- Investment News
Korea Designates Shale Gas Development as 'New Growth Engine'
제목 없음
The government also announced it will seek to build a massive "K-pop" concert hall designed exclusively for South Korean pop stars popular overseas so as to attract more foreign fans to the country, while providing greater support for efforts to draw more foreigners for medical tourism.
These measures were announced in a government meeting held to check on progress in the sectors previously designated as "new growth engines" and to further identify areas where South Korea can excel. President Lee Myung-bak attended the meeting in a "venture" industry zone in Pangyo, south of Seoul.
"Economies around the world are in difficulty and we are no exception. The important task is how the Republic of Korea will continue growth and create jobs," Lee said during the meeting. "What is the most important is employment. As there are limits in creating jobs in existing industries, we should create jobs through new growth engines."
New growth engines should be constantly updated to reflect the trends of the times, Lee added, stressing there was no talk of shale gas even a few years ago, but the United States has since come up with perfect technologies to extract it.
Shale gas refers to natural gas, mainly methane, that is produced from shale formations. It has become an increasingly important source of natural gas in the United States and elsewhere as advancement in drilling technologies has made it possible to access large volumes of shale gas that were previously uneconomical to produce.
"Energy storage system" (ESS) refers to large lithium-ion batteries where leftover electricity is stored at night for later use. The importance of such systems has increased in South Korea as the country has experienced difficulty meeting soaring power demand at peak times.
The government first designated 17 industrial sectors as "new growth engines," such as renewable energy and electric vehicles, in 2009 and has since provided 8.7 trillion won (US$7.65 billion) in research and development funds and other legal and institutional support.
Production from these sectors amounted to 560 trillion won over the last three years, and the proportion of the sectors in South Korea's gross domestic product also rose to 5.8 percent from 3.8 percent during the period, officials said.
Date
2012.09.06
South Korea on Wednesday designated development of shale gas and electricity storage systems as "new growth engines" for the country's economy, a set of promising industrial sectors subject to financial and other support from the government.
The government also announced it will seek to build a massive "K-pop" concert hall designed exclusively for South Korean pop stars popular overseas so as to attract more foreign fans to the country, while providing greater support for efforts to draw more foreigners for medical tourism.
These measures were announced in a government meeting held to check on progress in the sectors previously designated as "new growth engines" and to further identify areas where South Korea can excel. President Lee Myung-bak attended the meeting in a "venture" industry zone in Pangyo, south of Seoul.
"Economies around the world are in difficulty and we are no exception. The important task is how the Republic of Korea will continue growth and create jobs," Lee said during the meeting. "What is the most important is employment. As there are limits in creating jobs in existing industries, we should create jobs through new growth engines."
New growth engines should be constantly updated to reflect the trends of the times, Lee added, stressing there was no talk of shale gas even a few years ago, but the United States has since come up with perfect technologies to extract it.
Shale gas refers to natural gas, mainly methane, that is produced from shale formations. It has become an increasingly important source of natural gas in the United States and elsewhere as advancement in drilling technologies has made it possible to access large volumes of shale gas that were previously uneconomical to produce.
"Energy storage system" (ESS) refers to large lithium-ion batteries where leftover electricity is stored at night for later use. The importance of such systems has increased in South Korea as the country has experienced difficulty meeting soaring power demand at peak times.
The government first designated 17 industrial sectors as "new growth engines," such as renewable energy and electric vehicles, in 2009 and has since provided 8.7 trillion won (US$7.65 billion) in research and development funds and other legal and institutional support.
Production from these sectors amounted to 560 trillion won over the last three years, and the proportion of the sectors in South Korea's gross domestic product also rose to 5.8 percent from 3.8 percent during the period, officials said.
 |