Mid-term fiscal plan calls for increase in ODA

Korea plans to sharply increase its assistance to developing countries, nurture the defense industry and boost renewable energy uses, a government report showed on Sunday.

According to the report on budget planning through 2014, the government will raise its so-called official development assistance (ODA) to 0.22 percent of the country's gross national income by 2014, from the current 0.13 percent.

The country earmarked roughly 1.34 trillion won ($1.14 billion) for ODA this year.

The country's contributions to major international organizations such as the International Monetary Fund will reach 500 billion won by 2014, according to the report.

The government will also boost spending on research and development activities for the defense industry to around 13.5 percent of its total defense-related spending by 2014, from the current 6.1 percent.

The government plans to increase the proportion of renewable energies against total energy consumption to 4 percent by 2014, from the current 2.8 percent, the report showed.

The government is also planning to nearly double the length of the country's bullet train network from the current 374 kilometers to over 600 km by 2014.

Also, the government will complete construction on the first stage of the 182-km long, high-speed railway linking Osong, about 100 kilometers south of Seoul, and the southwest city of Gwangju, 330 kilometers south of the capital, by 2014, the report showed.