South Korea to develop 6 clusters across the country

Written 04.06.2004 11:55 by Boris Doesborg Print Send article

During a meeting held Thursday June, South Korean Commerce Minister Lee Hee-beom announced that his government will invest an annual 100 billion won to develop six industrial next-generation clusters across the nation.

'We will foster the six regions to become Korean versions of the Silicon Valley, which will play a significant role in propelling the nation to reach 20,000 USD per-capita gross domestic product (GDP),' said an official of the Ministry of Commerce, Industry and Energy (MOCIE).

Ot is expected that by 2008 the six complexes will create 37,000 new jobs and account for $116.1 billion in exports.

The key action points of the development plan are:

the creation of public research and development (R&D) centers
provision of financial or tax benefits for incoming companies

Korean clusters

The six clusters are the following:

Panwol-Sihwa: components
Wonju: medical equipment
Kwangju: optical products
Kumi: digital and electronics outfits
Ulsan: automotive components
Changwon: machinery

For more information read these articles:

Korea Times: Government to Nurture 6 Innovative Clusters Nationwide
Chosun Ilbo: Six Cities to be Designated as 'Clusters'