Korea announces boost to services sector

Against a background of increasing tension with North Korea, the South Korean government on Wednesday unveiled its plans for the 17 industries that it designated as the new growth engines for the economy last January. They fall within three broad categories -- green technologies, converged industries and high valued services -- and W24.5 trillion $19.6 billion has been allocated to them for the next four years.

Green technologies range from the promotion of renewable energy to building environment-friendly cities, while the so-called converged industries include a variety of IT and nano-science technologies applied to broadcasting and communications, pharmaceuticals and food production.

Korea's Ministry of Strategy and Finance was keen to highlight...