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Government to Spend KRW 490.9 Bln on Revitalizing Local Economies

According to Yonhap News,

(SEOUL=Yonhap News) The Ministry of Trade, Industry and Energy and the Ministry of SMEs and Startups held a meeting of the Local Economy Committee on December 20 at the Lotte Hotel in Sogong-dong, Seoul, to strengthen communication between the central and local governments, and raise community support for local policies.

The meeting was the first of its kind held by the two ministries to expand cooperation and share a unified message on local economic policies, and was attended by the deputy governors and mayors of 14 cities and provinces (outside the capital area).

The Committee that day passed a budget of KRW 490.9 billion for the ministries' major projects on revitalizing local economies.

KRW 180.5 billion will be injected into 14 projects of 6 new industries, including electric and autonomous cars, advanced materials and energy, as part of the Economic Cooperation Project designed to secure future growth engines for local economies.

As part of the Local Industry Promotion Project, the number of main growth industries of the 14 cities and provinces was reduced from the previous 63 to 48 to enhance efficiency, and a total of 290 billion will be injected into helping local companies carry out research and development, make prototypes, and utilize consulting and technological assistance services.

Support will also be focused on 1,000 local startups for the next five years, and of them 200 will be nurtured into small but strong global companies that create some 6,000 new jobs.

Starting next year, the new Community Business Revitalization Project will begin to support social economic companies such as cooperatives and village companies.

In addition, the two ministries also discussed the cultivation of national innovation clusters, reorganization of the local investment system, the new and renewable energy 3020 plan, and the small LPG (liquefied petroleum gas) storage tank supply project, and other major projects closely related to local government policies.

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Source Text

Source: Yonhap News (Dec. 20, 2017)

** This article was translated from the Korean.
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