Five-year Economic Development Plans
The change in economic development strategy was formally presented in the series of the Five Year Economic Development Plan. Drafting and finalizing the series of five year plans allowed economic agents to share basic policy objectives and a consensus building process to identify national priorities and policy measures.
The Five-year plan's major aim was to remove corruption, iniquities and social evils that prevented the social and economic development of Korea. It was designed to establish a sound economic order, to consolidate the foundation for economic development by efficient use of resources, and ultimately to industrialize the country.
The Five-year plan's major aim was to remove corruption, iniquities and social evils that prevented the social and economic development of Korea. It was designed to establish a sound economic order, to consolidate the foundation for economic development by efficient use of resources, and ultimately to industrialize the country.
Further Development Plans
The 2nd Plan took “technology-intensive industry” as the promotion object and FTZ (Free Trade Zone) in Masan, chemical industrial estate in Ulsan, and electric industrial estate in Gumi were constructed.
In the 3rd Plan, in order to distribute resources increasingly towards heavy and chemical industry, the Industry Development Act was established in 1973, and development of 6 industries (iron and steel, petrochemistry, shipbuilding, machinery, nonferrous metal, electricity) was set as the subject of first priority. Also, construction of industrial estates started following the Regional Industry Development Act mainly in Kyongsang area, such as construction of Gumi industrial estate, Pohang iron and steel industrial estate, Changwon general machinery industrial estate,Ulsan industrial estate, Yeosu general chemical industrial estate, Kojedo (or Koje Island) industrial base etc, which lead to acceleration of heavy and chemical industrialization and its growth.
In the 3rd Plan, in order to distribute resources increasingly towards heavy and chemical industry, the Industry Development Act was established in 1973, and development of 6 industries (iron and steel, petrochemistry, shipbuilding, machinery, nonferrous metal, electricity) was set as the subject of first priority. Also, construction of industrial estates started following the Regional Industry Development Act mainly in Kyongsang area, such as construction of Gumi industrial estate, Pohang iron and steel industrial estate, Changwon general machinery industrial estate,Ulsan industrial estate, Yeosu general chemical industrial estate, Kojedo (or Koje Island) industrial base etc, which lead to acceleration of heavy and chemical industrialization and its growth.