South Korea unveils $10billion river development project

Yahoo News 15 Dec 08;

SEOUL (AFP) – South Korea Monday announced a 14-trillion-won (10.3-billion-dollar) scheme to reduce the effects of floods and drought along four main rivers and help create 190,000 jobs during the economic downturn.

The plan is part of a new package for provincial development which requires a budget of 42 trillion won over the next five years, officials said. It was outlined at a meeting between President Lee Myung-Bak and top policymakers.

The Ministry of Land, Transport and Maritime Affairs promised to complete the improvements to the Han, Nakdong, Geum and Yeongsan rivers by late 2011.

It said the "Green New Deal" project could boost economic output by 23 trillion won, with floods and drought alone costing 4.2 trillion won annually.

The ministry aims to build submerged dams and reservoirs along the rivers and develop recreational facilities on their banks. Woodland would be planted to reduce greenhouse gas emissions.

Lee also said his government would link the country's roads and railways and intensively implement other infrastructure work as part of measures to boost the slowing economy.

He said the river refurbishment project would help improve business, cultural and sightseeing infrastructure in the provinces.

The Ministry of Strategy and Finance said it would expand tax benefits and other incentives for companies planning to move into provincial areas.

"Work (on the rivers) will focus on strengthening embankments, restoring the eco-system and maintaining appropriate depth to facilitate water flow," said Kwon Jin-Bong, deputy minister for construction and water resources.

The government denies its river improvements are a prelude to reviving plans for a cross-country canal system. Lee touted the plan during his election campaign last December but later shelved it amid widespread public opposition.