[Korea.net News, Nation, November 27 2007] Gov't out to develop the east coast in earnest

Korea’s relatively rural east coast is to be reborn as a center for high-tech clusters and tourist attractions.

With the Nov. 22 passage of the Special Law for the Coastal Area Development, the east coast’s Gangwon-do Province, the Gyeongsang provinces and Ulsan Metropolitan City can begin long-waited development projects in earnest with about 94 trillion won in support from Seoul, local government officials said Monday (Nov. 26).

The four local governments submitted a package of coastal area development plans totaling 93.82 trillion won to the central government in 2005.

Experts predict that the projects will generate a 140 trillion won worth economic effect and 1.3 million new jobs by the time of completion in 2020.