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Seoul unveils new industrial blueprint

Ann/The Korea Herald
The South Korean government recently unveiled an industrial blueprint to reshape its export -and manufacturing-driven economy into one built on strong energy and environment sectors and five other high-tech fields.
The government finalised 22 industries, spanning six areas from energy and bio to IT, as the new drivers of its future economic growth. The plan envisions 99.4 trillion won (US$88.8 billion) being channeled into research and development (R&D) and development projects in these 22 industries over the next five years, with 92 per cent of the money coming from the private sector.
The government plans to provide 7.9 trillion won for more high-risk projects.
The blueprint was reported to President Lee Myung-bak in Daejeon on September 22. The plan had been drawn up by a team of experts over the past six months.
"In order to foster the chosen industries, the public and private sectors must join hands. There is no other way that we can achieve this," Lee said in a meeting held at the state-run Electronics Telecommunications Research Institute in Daejeon.
The plan puts prime importance on the energy and environmental sectors, which is in line with Lee's recently-unveiled vision for "low carbon, green growth".
Last month, Lee laid out his vision for "low carbon, green growth", vowing to make all-out efforts to develop technology in new and renewable energy and greatly raise the country's use of them.
Six of the 22 growth-engine industries are in the energy and environmental fields. They are clean coal technology, biofuels from marine resources, solar cells, carbon dioxide capture and storage, fuel cells and nuclear power facilities.
If successful, the plan would add 253 trillion won in value, achieve $306.9 billion in exports, and create 8.8 million new jobs by 2013, said Lee Dong-geun, an official at the Ministry of Knowledge Economy.
The government will devise detailed action plans to nurture the industries and induce private investment in them, he added.
Also identified as growthengine industries are environmentally friendly cars, ships and offshore facilities under the category of transportation; semiconductors, displays, next-generation mobile telecommunications, LED lighting, radio frequency identification tags and ubiquitous sensor networks under the "new IT" category; robots, new materials and nano-convergence, IT-based convergence, broadcasting-telecommunication convergence media under the category of industrial convergence; and medicine and medical equipment in the biotechnologysector.