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**S. Korea to Spend US$544 Mln on fuel cells and other automotive technologies by 2010**
Publication date: 24-May-2004 Source:Asia Pulse
South Korea will spend 640 billion won (US$544 million) to develop new automobile types by 2010 in an effort to become the world's fourth-strongest car manufacturing country, according to a government team responsible for boosting the industry Monday. The project was announced by Yu Yeong-myeon, the head of the team, at a seminar at the Busan Exhibition & Convention Center (BEXCO) on South Korea's southeast coast. The government and a group of private enterprises will invest 320 billion won each in the long-term plan for the development of new car types. Automobiles were selected last year as one of the country's 10 next-generation growth engines. The project consists of nine tasks including three core developments -- the creation of fuel-cell cars, hybrid veehicles and intelligent automobiles. ~


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