[Korea.net News, Economy / Industry, August 30 2007] Seoul plans to spend big on knowledge-based industry

Korea said Thursday (Aug. 30) that it will invest 970 billion won ($1.02 billion) in the next eight years to strengthen the competitiveness of the country's knowledge-based service industry.

The plan calls for concentrated support in 11 value-added business areas that promise the greatest growth potential in the coming years, the Ministry of Commerce, Industry and Energy said.

It said if the efforts bear fruit, this upper-end service industry could account for more than 30 percent of the gross domestic product and a third of the workforce by 2012. This is on par with levels currently enjoyed by industrialized countries.