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Minister of Information and Communication Chin Dae-je organized an investor relations (IR) meeting for foreign investors in New York, the U.S. on Dec. 8, and held an interview with Barrons, an influential U.S. economic weekly, to introduce the nation policy toward the IT industry and the economic situation. In the interview, Minister Chin said, he Korean government has pushed for the IT839 policy to double the nation production in the IT industry by 2007. It has focused its efforts on offering new services, including the approval of business license and the allotment of frequencies. Minister Chin saw WiBro and digital multimedia broadcasting (DMB) as the sectors expected to see a rapid growth in the future. He also said, he undervalued problem of Korean enterprises, called the orea discount, could be solved through pension funds direct investment in the domestic stock market. The Ministry of Science and Technology (MOST) has allocated 5.6 trillion won ($4.7 billion) to finance major trategic technology development projects throughout next year, MOST reported. The ministry briefed on the plan, dubbed the 2005 Primary Plan for Science and Technology, at the National Science/Technology Operation Committee on Dec. 15, 2004 Under the plan, 2.92 trillion won of the total will go to growth-engine industry technology development projects, 991.7 billion won to basic science research programs, 1.69 trillion won to research institutions fostering programs, 1.37 trillion won to key technology development projects for parts and materials industries, and 85.9 billion won to science culture-promotion programs. The committee subsequently approved the 2005 plan, the ministry said.