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.

The plans call for spending about W400 billion (US$1=W1,166) for this goal by 2014. Safety regulations that currently prohibit vehicles powered by only electricity will likely change.

The moves come as carmakers in major economies including the U.S., Japan and Europe have introduced or are looking to mass produce electric cars within the next few years. In Korea, one-fifth of carbon dioxide emissions come from transportation.

The government says that if all goes as planned Korea will be able to command 10 percent of the global electric vehicle market by 2015 and make 10 percent of small cars in the country greener with electric power by 2020.