The government will continue building its new administrative capital and ‘innovative cities,’ which are all part of the Roh Moo-hyun government’s plan to help the nation achieve balanced regional development.

The Ministry of Land, Transport and Maritime Affairs briefed President Lee Myung-bak about its strategies to supplement the former government’s regional development plan and build a broad transport infrastructure linking regions.

The ministry said it will work to attract corporations, institutes and universities to the new administrative capital by offering incentives like tax benefits.

Corporations will be able to purchase land at lower prices than usual if they establish industrial facilities in innovative cities.

Companies will be given tax cuts and deregulation benefits if they operate in planned cities or move a principal industrial base from the Seoul region to one of the designated areas.