Lee Vows Full Support for Electric Car Industry

President Lee Myung-bak is looking to make the Korea's car industry the world's best. While noting the fierce competition in the global auto market, the President highlighted the rising importance of electric cars given growing concerns over environmental issues.

Presiding over a regular economic meeting at a car company's research center on Thursday, Lee promised that the government will fully support the industry in developing the core technology necessary to build electric cars.

On the same day related ministries announced plans to start mass producing electric cars by 2011 instead of 2013. To that end the government plans to financially support automakers' research and development efforts in creating "green" car technology and provide tax breaks and direct subsidies to customers who buy such cars.

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