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S. Korea to invest US $150 billion in IT industry
(Xinhua)
Updated: 2009-09-02 20:47

SEOUL: South Korea will spend 189.3 trillion won (US$151.5 billion) over the next five years in a bid to augment the nation's information technology (IT) sector, the government said Wednesday.

According to the Presidential Council for Future and Vision, the South Korean government will inject the planned funds into five core areas, including IT conversion, software, leading IT industries, broadcasting and communication, and Internet infrastructure.

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Of the total amount, 14.1 trillion won (US$11.3 billion) will be raised by the government, while the remaining 175. 2 trillion won (US$140.2 billion) will be furnished by the private sector, the council said.

State funds will be mainly used to boost research and development in small- and medium-size enterprises, whereas private investments will mostly be allocated for production and industrial infrastructure, according to the council.

If the investments are carried out according to the plan, South Korea may experience a 0.5 percentage point increase in growth potential, the council added.