SKorea to set up resources development fund

SEOUL: South Korea Sunday unveiled plans to establish an 802 million dollar fund for investment in overseas mineral mines, oil fields and gas wells.

The Ministry of Knowledge Economy said local or foreign firms would manage the one trillion won (802 million dollar) fund and attract private investors.

South Korea has invested in overseas mining and energy projects as it looks to secure stable supplies for the resource-poor nation which imports 97 percent of its energy and mineral needs.

In a related move, President Lee Myung-Bak left for Uzbekistan Sunday as part of a two-nation trip that will also take him to Kazakhstan.

Lee will "reinforce our energy and resource diplomacy" with the two countries, which have rich oil reserves and mineral resources, his office said.