President Park Geun-hye said Wednesday that the government plans to inject 2 trillion won (US$1.7 billion) by 2018 into regional development.

The move is the latest in a series of efforts to promote balanced regional development in a country where about one fifth of the 51 million populace lives in Seoul.

Many young South Koreans in rural provinces have flocked to Seoul in search of high-paying jobs over the past decades, a move that has led to the hollowing-out of rural communities.   

South Korea has relocated some of the government ministries and subsidiary agencies to the administrative town of Sejong, about 130 kilometers south of Seoul, to help foster balanced development in the country.

Park said the two trillion won will be allocated for projects that are tailored for 15 major cities and provinces across the country.

"The regional development that I envision is for creating a virtuous cycle in which all local authorities can make creative development ... which in turn leads to national development," Park said in a session on regional development in Gwangju, a city located about 330 kilometers south of Seoul.

She also announced a plan to further increase investment in training talented people in provinces across the country, though she did not elaborate. (Yonhap)