S. Korea to spend big on new growth engines

SEOUL, May 26 (Yonhap) -- South Korea said Tuesday it plans to spend 24.5
trillion won (US$19.4 billion) in the next five years to develop "star brands"
that can fuel the country's long-term economic growth.

The plan calls for concerted efforts to build up 62 star brands in 17 key growth
sectors such as green technology, high-tech convergence and value-added services,
the Ministry of Knowledge Economy said.
"Star brands refer to products and technologies that have the highest potential
to grab future markets and create new businesses opportunities down the line,"
said Cho Seok, a deputy minister.
The state support aims to boost the country's competitiveness in advanced fuel
cells, clean transportation, convergence, robotics, biotech, nuclear energy and
advanced information technology by 2013, he said.
Funds will also be allocated to bolster competitiveness in healthcare and
software and organize industry events.
"South Korea currently does not lead in these areas, but because they are new and
cutting-edge there is little technological gap with other advanced industrialized
countries," the official said.
He stressed the government and business community will share R&D information and
detailed plans for full-scale production.
The growth plan could help create 700,000 new jobs over the next 10 years and
establish 300 small and medium enterprises by the target year, the ministry said
yonngong@yna.co.kr
(END)