Deputy Minister of Economy and Finance: "21st Century New Deal to Deliver Nationwide Tangible Results Within 2-3 Years"

Published 07 May.2020 10:34(KST)

Announcement of the 'Korean New Deal Promotion Plan' in June

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Kim Yongbeom, the 1st Vice Minister of the Ministry of Economy and Finance, said on the 7th, "The Korean New Deal is a future-oriented 21st-century type New Deal, and we plan to rapidly promote large-scale innovation projects to achieve results that the entire nation can feel within a 2-3 year timeframe."

At a briefing on the results of the 2nd Central Economic Countermeasure Headquarters meeting that day, Vice Minister Kim stated, "The government will focus on responding to non-face-to-face and digitalization changes in the economic and social structure in the post-COVID-19 era, and will promote the Korean New Deal to advance the economic structure and create sustainable jobs."

The Korean New Deal project plans to focus on innovation in three major areas: ▲building digital infrastructure ▲fostering non-face-to-face industries ▲digitalization of social overhead capital (SOC).

Vice Minister Kim added, "Along with large-scale fiscal investment, we will simultaneously promote institutional improvements to quickly establish a virtuous cycle structure of revitalizing convergence industries through innovation and creating jobs."

First, to build a foundation for data collection and utilization, the entire cycle infrastructure will be strengthened, and data collection and utilization in six core sectors will be expanded. In addition, 5G infrastructure will be established early to advance the 5G network.

Furthermore, a foundation for the spread of non-face-to-face services such as education will be created, and cloud and cyber safety nets will also be strengthened. Lastly, digitalization of aging national infrastructure for public safety and the establishment of a digital logistics service system will also be pursued.