Korea aims for 5% growth, cut in emissions
In a report to President Lee Myung-bak, the Ministry of Knowledge Economy (sic) yesterday announced a set of policies aimed at achieving the twin goals of 5 percent economic growth in 2010, while at the same time reducing greenhouse gas emissions.
“The government will strengthen the competitiveness of the Korean economy to better deal with the structural changes of the global market after the crisis, and boost development of industries to achieve the 5 percent growth goal,” said Ministry of Knowledge Economy vice minister Rim Chae-min.
Economic policies outlined in the report to achieve growth target-
- Korea aims to export $410 billion worth of goods in 2010 by targeting large, fast emerging “middle” economies, such as China, India, and Indonesia.
- The government will support the semiconductor, automobile and mobile phone sectors through R&D of next-generation memory chips, electric vehicles and smart phones.
- Enhance the competitiveness of the country’s nuclear power, defense, and aerospace industries while encouraging private investment in the development of robotics, LED, and broadcasting convergence.
The government also plans to enhance the business environment for foreign investors through -
- Lifting some irrational regulations on technology development, ease rules on land transaction, and increase cash grants to foreign invested firms.
- Allowing foreign education institutes in Korea to make profit transfers to overseas, and to set new laws to attract foreign medical centers and schools in FEZs.
On Nov. 17, Korea’s government announced a bold plan to cut greenhouse gas emissions by 4% by 2020 from 2005 levels, representing a 30% decrease from the “business as usual” levels predicted for 2020.
“I’m ready to tackle global issues such as climate change not by words, but by actions. The world can address climate change only by taking action,” – Lee, in a conversation with U.N. Secretary General Ban Ki-moon.
The ministry’s greenhouse gas reduction plan includes -
- Introducing energy management guidelines for 46 large businesses that use more than 500,000 tons of oil-equivalent electricity per year.
- Introducing laws to open and test the operation of a carbon trade market next year.
- Securing energy for sustainable growth, through increasing self-sufficiency in oil and gas.
- International cooperation on developing green technologies.
Just like the Seoul Olympics in 1988, and co-hosting the Football World Cup in 2002, the G20 summit in Korea next year is seen by many as an opportunity for Korea to enhance its image in the global community. Korea is offering to host the COP18 – the UN conference on climate change to be held in 2012.
(Sources: Korea Herald, Korea Times - ‘Lee, Ban to Help Clinch Global Climate Deal’, photo courtesy of the COP 15 website)
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