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The Korea Communications Commission (KCC) plans to boost South Korea's broadband speeds to 1Gbps by 2012.

The government also intends to enhance the nation's wireless broadband speeds to 10Mbps, the Joongang Daily reports. Both would be a tenfold increase over South Korea's typical broadband speeds.

These promises are part of a package designed to foster growth in Korea's telecommunications market. The plan calls for spending of 34.1 trillion won ($24.6 billion) over the next five years.

The KCC hopes that the project will create 291,000 new jobs in the broadcasting and communications industries, and increase the value of the industry by 116 trillion won in time for 2012. The markets would then be worth a combined 383.8 trillion won.

Under the project, the broadband and communications industries would be converged via a series of measures designed to promote IPTV. The government intends to spend 12 billion won by 2011 on IPTV content development alone.

The project will also have a green focus. Green measures planned include promoting teleconferencing, as well as using broadband technology and GPS to reduce traffic congestions.