S.Korean public firms to spend over 45 bln U.S. dollars next year
Twenty five major public firms in South Korea will invest a combined 57 trillion won (45.4 billion U. S. dollars) next year, up 18.5 percent or 9 trillion won (7.17 billion U.S. dollars) from this year, the Korea Herald reported Wednesday, Xinhua reported.
"Given the dire economic situation, public firms will swiftly and aggressively respond to difficulties and exert all efforts to make an early investment," said the Ministry of Strategy and Finance.
Of the total investment, the public firms will invest a total of 40.4 trillion (32.18 billion U.S. dollars) in building expressways, railways and other social infrastructure facilities, compared with 34.4 trillion won (27.40 billion U.S. dollars) this year, the ministry said.
To expand energy-related facilities, 14.7 trillion won (11.71 billion U.S. dollars) will be set aside for next year, up from 12. 1 trillion won (9.63 billion U.S. dollars) this year, the ministry said. The remaining 2 trillion (1.59 billion U.S. dollars) will be set aside for investment in agriculture, culture and other sectors.
The 25 state-run firms include 13 energy-related companies, seven social overhead capital firms and five companies in agriculture and culture.
If combined with investment by nine other public financial institutions, the investment of the 34 public firms account for 71 percent of the total investment by 305 public firms.
The remaining 271 firms are to submit their 2009 business blueprints by Jan. 5, the ministry said.