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South Korea to spend $85 billion on green industries
SEOUL (Reuters) - South Korea will invest 107 trillion won ($84.5 billion), or 2 percent of its annual GDP, in environment-related industries over the next five years, the presidential office said in a statement on Monday.
The investment, mainly for encouraging green growth industries and technologies such as renewable energy, LEDs (light-emitting diodes), smart power grids and hybrid cars, is expected to create up to 1.81 million jobs, the government said.
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Under President Lee Myung-bak's regime, Seoul's Blue House has been trying to find a way to revitalize the country's slowing economic growth by capitalizing on the global drive to reduce polluting gas emissions.