InfoAnda - SKorea unveils 'Green New Deals' to kick-start economy

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: SKorea unveils 'Green New Deals' to kick-start economy AFP - 2 hours 35 minutes ago SEOUL (AFP) - - South Korea said Tuesday it will invest some 38 billion dollars over the next four years in "eco-friendly" projects to create jobs and boost its slumping economy. The government unveiled what it calls "Green New Deals" following the first meeting of cabinet ministers this year, which was presided over by President Lee Myung-Bak. The deals feature 36 projects including the creation of network of bicycle tracks, provision of two million energy-saving "Green Homes" across the country as well as the construction of facilities using gas from rubbish. "The Green New Deals are a strong expression of the government will to exert all its efforts to ease people's pain and create jobs," Prime Minister Han Seung-Soo said in a statement. He said the projects -- amounting to 50 trillion won -- would lead to the creation of 960,000 new jobs and lay the ground work for further economic growth. The central Bank of Korea has warned that facility investment will fall 3.8 percent this year, following a 0.2 percent contraction in 2008, undermining South Korea's growth potential. Unemployment rose to 3.1 percent in November from the previous month's three percent as companies avoided hiring new workers due to a bleak economic outlook, the National Statistical Office said in December. The Ministry of Strategy and Finance last month cut the country's 2009 economic growth forecast by one percentage point to three percent, saying the global financial crisis had spread to the real economy. Under the projects, 18 trillion won will be invested in cleaning four major rivers and developing their surroundings to reduce disaster risks by building dams, banks and water-treatment facilities. Another 11 trillion won will go to the construction of "eco-friendly" transportation networks including high-speed railways and hundreds of kilometres of bicycle tracks. Energy-recycling projects include the production of garbage gas, while trees will also be planted and facilities built to harness energy from forest biological material. The government will also invest in developing hybrid vehicle technologies. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy IPOs in China to jump 47 percent in 2009: accounting firmAFP - 1 hour 12 minutes ago China to boost low-price housing, says officialAFP - 2 hours 1 minute ago Australian business confidence hits record lows: surveyAFP - 2 hours 28 minutes ago SKorea unveils 'Green New Deals' to kick-start economyAFP - 2 hours 35 minutes ago Related Articles: Business JFE wants iron ore prices to fall to 07/08 levelsReuters - 19 minutes ago SNAPSHOT - Financial Crisis - 0715 GMTReuters - 27 minutes ago Japan business lobby sees '09 dlr range of 95-105 yenReuters - 27 minutes ago NEW ISSUE-IRFC invites bids for 7 bln rupees of bondsReuters - 27 minutes ago Indian cash rates steady on surplus cash with banksReuters - 31 minutes ago Enlarge Photo SKorea unveils 'Green New Deals' to kick-start economy Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Steve Jobs has "hormone imbalance," to stay on as Apple CEO Jett Travolta died of 'seizure': Bahamas officials Israeli army moves on Gaza City as war toll passes 510 Pink iguanas discovered on Galapagos Islands Milky Way spins faster, has more mass than thought: astronomers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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