SEOUL, Jan. 7 (Xinhua) -- South Korean conglomerates, including Samsung Electronics Co. Ltd., SK Group and Hanhwa Group, are expected to launch business operations in a new city the government aims to turn into a business and science hub, local media reported Thursday.

    The reports come as the government is moving to unveil its revised plan next week on how to transform the new city of Sejong into a business city, although the initially envisaged plan by late President Roh Moo-hyun was to move nine ministries and four government agencies to South Chungcheong province, about 160km south of Seoul, in order to make a new administrative center and solve regional disparity.

    President Lee Myung-bak, who still remains tight-lipped about the alternative plan, recently offered to give tax benefits, cheap lands and government subsidies in return for scrapping the original plan, in a reversal of his previous key campaign pledge and an attempt to lure business interests.

    Foreign companies would be granted government subsidies or cash rewards, according to local media reports.

    Samsung Electronics Co. Ltd. is said to be hammering out details with the government on a possible launch of biopharmaceutical and light-emitting diode (LED) businesses there, while SK Group is considering launching renewable energy-related operations in the city, according to local media.

    The chemicals-to-construction giant Hanhwa group said it is in talks with the government over building a research and development facility, Yonhap News Agency reported.

    The government will announce detailed benefits for companies to be relocated to the city next Monday.

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