PM Vows Extraordinary Financial Support for Regional Corporate Investment

SEOUL, June 15 (Yonhap) -- Prime Minister Kim Min-seok promised extraordinary financial support Monday to help facilitate corporate investment in regional areas as part of the government's push to create economic growth engines in non-metropolitan areas for balanced development.

Kim made the remark during a meeting of the committee formed to promote balanced regional development, saying the government will mobilize all possible means to support corporate investment to create growth engines in eight regions, known as "five poles and three specials."

The five poles refer to the capital area, the southeastern region, North Gyeongsang Province and Daegu, the central region and the southwestern region, while three specials refer to the three special autonomous provinces -- the island of Jeju, North Jeolla Province and Gangwon Province.

"We will greatly expand support for research and development led by local regions while increasing investment in industrial startups," Kim said. "In order to support this, we're going to enact a special law on mega special regions."

Kim also promised dramatic improvement in education, culture, medical services and other living conditions in provincial areas to help employees of companies and officials of public agencies moving outside of the metropolitan area settle there stably.