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According to Yonhap News,
(CHUNCHEON = Yonhap News) The Gangwon Province (Gangwon) announced on December 23 that it will secure competitiveness and accelerate development in areas including medical appliance, bio, new material, ICT industries in 2014.
The province set the target sales of strategic industries in 2014 as KRW 4.5 trillion, which is seven percent increase from 2013, in a bid to smoothly run the project.
In 2012, sales of the province’s strategic industries were KRW 3.8 trillion, which accounted for nine percent of the gross regional domestic product (GRDP).
Gangwon will invest a total of KRW 77.55 billion in eight different industries and run 39 business projects.
For starters, the province will invest KRW 19.5 billion in the second phase of mega-regional development project to foster its strategic industries including functional materials, biomedical and healthcare industries.
It will also invest KRW 17 billion and reflect the intensity, degree of specialization and potential growth power of the regional industries in the new regional special industries to generate more employment opportunities and sales revenue.
A total of KRW 20.9 billion will be invested in the project that supports vitalization of creative economy, strategic industries and research and development institutions.
It will make investments of KRW 5.7 billion and KRW 9 billion in medical appliance development project and materials industries respectively. Materials industry mainly focuses on the commercialization of high technologies such as nano and plasma technologies.
Gangwon will step up efforts to secure a new growth engine to respond the central government’s policies of fostering creative economic ecosystems and global leading companies.
The province will use its competency in the strategic industries accumulated over the last 10 years to push ahead a development project of the global nano-bio industrialization fusion complex with an investment of KRW 1 trillion by 2018.
Between 2016 and 2020, a total of KRW 193 billion will be invested in the nonferrous metal industry of Yeongdong area to establish a hub for new materials industry.
The projects are currently undergoing a research phase, and the province plans to draw up specialized business plans and focus its full attention on securing the national budget once the research phase is complete.
The province will also promote 3D printing business and operate a plasma support center, and foster next-generation major industries to enter the future’s new markets.
“The key to the survival in the fierce competition is to secure the top-class competencies for R&D and foster the global businesses,” said a Gangwon official. “The province will increase sales of the companies in the strategic industries by maximizing the competitiveness with a comparative advantage and pushing ahead systematic supporting projects to meet the needs of companies.”
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Source: Yonhap News (Dec. 23, 2013)
** This article was translated from the Korean.