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Gov't pushes to inject US$121 million in railway vehicle parts industry

According to Yonhap News,

(SEOUL=Yonhap News) Korea is pushing to invest 130 billion won (US$121 million) by 2026 to boost the country's railway vehicle parts industry, the transport ministry said Tuesday.

The government is planning to support local firms in the industry from 2020 to 2026 to expand their presence in the global railway parts market, which is estimated at around 200 trillion won, according to the Ministry of Land, Infrastructure and Transport. Korea's train parts industry is estimated at around 1.7 trillion won.

The scheme will go through a feasibility test before it is implemented, the ministry said.

The funds, if approved, will be spent on developing 18 parts to replace those imported from abroad or on exporting new technologies into overseas markets, it said.

"We plan to create 22,000 new jobs by fostering the railway vehicle parts industry and to catch up with global rivals by achieving up to 90 percent of their capacity by 2026," a ministry official said.

In this file photo taken on Dec. 9, 2016, a bullet train enters Songjeong Station in Gwangju, 329 kilometers southwest of Seoul, en route to the capital city. (Yonhap)

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Source: Yonhap News (Jan. 23, 2018)
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