Monday, 11 Jan, 2010 Technology
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South Korea Declares 14.6 Billion Dollar Plan to Create New City

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The government of South Korea recently announced its plan to build a new city that would serve as a science center. With the project that will cost $14.6 billion, the government decided to drop a rather controversial plan elaborated in 2005 to shift a number of ministries there.

Samsung, the largest business group in South Korea already signed an agreement to bring some operations to the new city. According to Prime Minister Chung Un-Chan, the company was followed by the Hanwha, Woongjin and Lotte groups.

The government stated that the whole idea is to promote an equilibrated regional development in South Korea, where about 50 percent of population today lives in Seoul or its surroundings.

The scientific hub will be called Sejong City and will represent a self-sufficient city able to house about 500,000 citizens, informs Physorg. It will bring 246,000 new jobs by 2020. It is worth mentioning that the city is named after a respected 15th century monarch who is known as the inventor of the country's written alphabet.

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