SEOUL -(Dow Jones)- South Korea unveiled Monday a revised blueprint for the planned Sejong City, branding it as a new economic hub and scrapping an earlier plan to relocate some ministries there.
The government will attract education and research institutes and industry into the city by offering incentives such as tax benefits and lighter regulation, Prime Minister Chung Un-chan said after the public and private sectors concluded two months' of talks.
The revised plan calls for a total investment of KRW16.5 trillion ($14.6 billion), with the government providing some KRW8.5 trillion and the private sector KRW4.5 trillion.
The new plan will create 246,000 jobs in the city, the Prime Minister's Office said in a statement, with domestic conglomerates such as Samsung Group, Lotte Group and Hanwha Group investing in new businesses such as renewable energy and light-emitting-diode.
The government will also lure the nation's top universities and international organizations to the planned city, it said.
"We expect companies and universities which are planning to enter the new city to announce their respective investment plan and sign memorandum of understanding within this week," the office said.
The new blueprint for the city--to be built near the town of Yeongi in the center of the country, about 100 kilometers from Seoul--marks a departure from former President Roh Moo-hyun's intention of moving some ministries and government agencies away from Seoul which, together with its suburbs, houses nearly half of the country's population of 49 million.
The government will attract education and research institutes and industry into the city by offering incentives such as tax benefits and lighter regulation, Prime Minister Chung Un-chan said after the public and private sectors concluded two months' of talks.
The revised plan calls for a total investment of KRW16.5 trillion ($14.6 billion), with the government providing some KRW8.5 trillion and the private sector KRW4.5 trillion.
The new plan will create 246,000 jobs in the city, the Prime Minister's Office said in a statement, with domestic conglomerates such as Samsung Group, Lotte Group and Hanwha Group investing in new businesses such as renewable energy and light-emitting-diode.
The government will also lure the nation's top universities and international organizations to the planned city, it said.
"We expect companies and universities which are planning to enter the new city to announce their respective investment plan and sign memorandum of understanding within this week," the office said.
The new blueprint for the city--to be built near the town of Yeongi in the center of the country, about 100 kilometers from Seoul--marks a departure from former President Roh Moo-hyun's intention of moving some ministries and government agencies away from Seoul which, together with its suburbs, houses nearly half of the country's population of 49 million.
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