public corporations-investment

Public corporations to invest 66.3 tln won in SOC, energy projects next year
SEOUL, Nov. 27 (Yonhap) -- Over two dozen state-owned firms will drive trillions
of won into public projects next year that seek to create affordable housing,
handle flooding and generate energy, the government said Friday.
South Korea's top 29 public corporations plan to invest 66.3 trillion won
(US$56.9 billion) into the plan. The Ministry of Strategy and Finance said the
total represents an increase of 8.6 percent from this year.
In 2008, large state-run companies and organizations invested 48.5 trillion won
into various government development works.
The plan includes the so-called "bogeumjari" project, which calls for the
construction of 320,000 affordable homes for low-income families by 2012.
Public companies will also invest in the four-rivers project, which aims to
better handle flooding along the Han, Nakdong, Geum and Yeongsan rivers, and
create reservoirs to help cope with droughts.
That project also seeks to create parks along the riverbanks to draw tourists,
and has been heavily criticized by some environmentalist groups who say it will
take a toll on local ecosystems.
Of the total budget, 48.5 trillion won will go to the building of homes and the
national rivers project, with 15 trillion won to be used for energy resource
development. The companies also plan to inject 2.8 trillion won into
strengthening the country's agriculture sector and other projects.
Some 17.9 trillion won, or 27.1 percent of the total, will be employed in the
first quarter, while 39.9 trillion won will be invested within the first half.
This represents 60.2 percent of all funds earmarked for use and is part of the
government's plan to front-load spending to bolster the national economy, which
has shown signs of emerging from the economic slump
yonngong@yna.co.kr
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