Govt to Bolster "Knowledge Industries"
The government intends to bolster 'knowledge industries' including information, broadcasting, culture, tourism and design by offering financial support, generous tax breaks and increased budgets.To do so, the government plans to reduce taxes by 10% on any investment which companies make in design and tourism until June in 1999.
The government will designate an area similar to the United States' Silicon Valley in Seoul's Kangnam and YongSan districts and financial support for the companies which open shop in the 'venture town'.
The government is scheduled to announce the full details of the plan to expand 'knowlege industries' after it holds a ministerial meeting on economic policies presided over by President Kim Dae Jung.
with the Korea JoongAng Daily
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