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Thursday 20 October 2016

S. Korea to boost revamping industrial zones into smart factories, boost FDI through deregulation: ARIRANG NEWS

Published on Oct 19, 2016
박 대통령, 구미에서 스마트공장 적극 지원... 영주에서 관광활성화 강조 행보
President Park Geun-hye was in her political stronghold of Gyeongsangbuk-do province on Wednesday to promote and check up on her policies in the field.

She vowed to foster new industries that can attract foreign investment and pledged to overhaul the manufacturing sector.

Song Ji-sun reports. 

Despite uncertainties and the slowing global economy, Korea has been attracting a constant influx of foreign investment. 

That includes a sum of 380 million U.S. dollars for the next five years... from a Japanese company building a new carbon-fiber factory in Gumi National Industrial Complex.

Attending the groundbreaking ceremony, President Park Geun-hye highlighted the need to lead the fourth industrial revolution by fostering new industries.


"As the concept goes, 'supply creates its own demand,' so in a field where technologies develop revolutionarily, we must create a new market by stimulating demand with new products. You must dig the ground first to build a water well. In the same way, we need to invest first to develop new products. And the government will fully support such corporate investment."


The government also vowed to support manufacturing innovation,... pledging to invest 1-point-3 billion dollars over the next four years.

First built in the 1960s... over a thousand sites nationwide have been designated as industrial complexes.
To revamp their outdated facilities and improve operational efficacy,... 26-hundred traditional factories have been transformed into smart factories over the past two years,... and that number is expected to top 10-thousand by 2020.

President Park also dropped by a traditional market in downtown Gumi to speak with the public... and wrapped up her day with a visit to a folk village in Youngju. 

There... she underscored the need for local governments to develop tourism programs that highlight regional features and products.

Dubbed the 'K-Tour Best 10'... the Korean government will select 10 themed tourism programs before the year-end... in order to boost local economie

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