The South Korean Government has unveiled plans to build a new science and education hub in Sejong City.

The $14.6bn project will be funded through private investments and aims to create an economic hub centred on education and science.

Companies such as Samsung along with Hanwha, Woongjin and Lotte groups also signed a deal to move operations to Sejong City.

The current conservative government expects Sejong to grow into a self-sufficient city with a population of 500,000 with 246,000 new jobs being created by 2020.

The government dropped controversial plans announced in 2005 by then-President Roh Moo-Hyun to relocate nine ministries and four subsidiary agencies to Sejong City.

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By GlobalData