Pattaya Daily News

11 January 2010 :: 11:01:35 am 6173

South Korea Allocate $14 Billion to Build New City

South Korean Prime Minister Chung Un-Chan announced a blueprint for the development of a US$14.6 billion city that will operate as an educational and scientific hub for the South East Asian nation.
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South East Asia, the 11th of January 2010 {PDN}: Some of the countries biggest companies, including, Samsung, Hanwha, Woongjin and Lotte have announced plans to relocate some of their operations to the new “Sejong” city. Plans for several government ministries to be relocated to the city have however been scrapped according to PM Chung Un-Chan.

The original plans to relocate up to nine ministries and four subsidiary agencies to the new city were developed by previous President Roh Moo-Hyun in 2005 but have been scrapped by the current conservative government. Chung’s office said in a statement the previous plan “would have resulted in inefficiency and waste” of national resources.

 

Sejong city is to be based approximately 150 kilometers South of Seoul, in the Chungcheong region. The aim of the massive development operation is to promote a balanced regional development stratergy in a country where almost half the population lives in the capital or surrounding cities. “The government has decided to create an economic hub centered on education and science in Sejong City with public and private investments of 16.5 trillion won (14.6 billion dollars) in total,” Chung said in a statement. We expect Sejong will grow into a self-sufficient city with a population of 500,000 with 246,000 new jobs by 2020.”

The city is named after the revered 15th century monarch who invented the country’s written alphabet. Well known to the Korea people for being an avid scholar and inventor.

 

Reporter : John Weston   Photo : Internet   Category : World News

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