It was announced at the weekend that Korea's President-elect, Lee Myung-bak will extend corporate tax breaks for 29 types of business.
The investment tax credit program, which permits a 7% of capital expenditure deduction for businesses in the sectors in question, was launched in 2000, and has since been renewed on an annual basis.
However, the measure expired in December 2007, and requests for its extension were refused by the previous administration.
According to Lee's transition taskforce, the extension of the tax break will be worth around 2 trillion won (just over USD2 billion), and is likely to create in the region of 21,000 jobs.
The incoming Korean President is reported to be aiming for 6% growth this year.
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