The South Korean government will inject 175 trillion won by 2022  into a plan for the balanced development of regions that have fallen behind Seoul and its surrounding areas.

The plan submitted by the Presidential Committee for Balanced National Development and the Industry Ministry was approved by the Cabinet on Tuesday.

More than 50 trillion won will be earmarked for regional development in education, culture, health care and welfare for the next five years.

Some 450 public daycare centers will open each year and some 300 culture-related facilities including libraries and museums will be built.

Another 56 trillion won will be spent to create jobs by fostering regional industries through innovation clusters and regulation-free zones.

Some national taxes, including value-added tax, will be transferred to local governments. 

The central government's projects totaling three-point-five trillion won will also be transferred to local governments by next year.