[Monitor] Korea prepares grand budget scheme for new industries

By Korea Herald
  • Published : Feb 21, 2019 - 16:23
  • Updated : Feb 21, 2019 - 16:23

South Korea has decided to spend some 3.5 trillion won ($3.11 billion won) to nurture eight leading industries such as smart farms, smart cities, financial technology, drones and electric vehicles in the latest 10-year plan. It will be spent on research and development of the industries.

The total allocated budget marks an increase of 77.9 percent from last year.

The plan was announced by Hong Nam-ki, the minister of economy and finance, at the central government complex in Seoul.