By Kim Tae-gyu
Staff Reporter

In line with the capital relocation policy, the Korean government has announced a five-year, 115.7-trillion-won master plan geared toward achieving a well-balanced development for the nation.

Under the plan, the government will develop four strategic businesses by provinces with the ultimate goal of nurturing a couple of world-class industrial parks.

Commerce-Industry-Energy Minister, Lee Hee-beom, unveiled the plan in a report to President Roh Moo-hyun on Thursday at Chong Wa Dae.

``This is a real win-win solution both for metropolitan areas around Seoul and other regions. We will accelerate Seoul’s development into a major center in Northeast Asia and help other regions stand on their own feet,’’ Lee said.

The government will help provinces foster four futuristic growth engines. Kwangju, for instance, will push for the optical industry, information-related home appliances, car parts and cultural products.

Also the government plans to construct new roads and streamline existing ones for a new logistics system, which will allow people anywhere in the country to reach the proposed new administrative capital to be built in the Chungchong provinces within two hours.

After the first five-year balanced development plan expires in 2008, the Ministry of Commerce, Industry and Energy looks to set up another two five-year-long plans to complete two or three high-profile industrial belts by 2018.

``World-famous industrial parks like the Silicon Valley were formed in almost 50 years, but we seek to set up industry clusters of such caliber within the next 15 years,’’ Lee said.

The government will shell out 62.4 trillion won while inducing provincial governments and private sectors to each invest 26.4 trillion won and 26.9 trillion won over the next five years.

The announcement is a follow-up from the capital relocation plans, which faces opposition from non-Chungchong province residents.

``The government will catch two birds with one stone. Through the five-year plans, it seeks to redesign a more economically balanced Korea, while mollifying those who oppose capital relocation,’’ a Samsung Economic Research Institute economist said.

In an effort to avoid over-crowding in Seoul and surrounding Kyonggi Province, the Roh Moo-hyun administration plans to construct a new administrative capital in the Chungchong provinces.

On June 16, four sites in the provinces were selected as candidates to house the new capital with the final decision due as early as August.

voc200@koreatimes.co.kr