Government Announces Comprehensive Plan for 'Korean New Deal' with 160 Trillion Won Investment and 1.9 Million Jobs

On the 14th, citizens are watching President Moon Jae-in's 'Korean New Deal National Report Conference' in the waiting room of Seoul Station. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Kwangho Lee] The government announced the 'Korean New Deal Comprehensive Plan' on the 14th, aiming to invest 160 trillion won by 2025 to create 1.9 million jobs.

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, reported this at the 'National Report Conference' presided over by President Moon Jae-in at the Blue House on the same day.

Defined as a national development strategy to overcome the COVID-19 crisis and lead the global economy post-pandemic, the Korean New Deal is based on three pillars: Digital New Deal, Green New Deal, and strengthening the employment and social safety net.

First, 58.2 trillion won will be invested in the Digital New Deal. It is expected to create 903,000 jobs.

To strengthen the Data, Network, and Artificial Intelligence (D.N.A) ecosystem, 140,000 public data sets will be released to build a 'data dam,' and vouchers will be provided to over 8,400 companies for data usage.

The Green New Deal will see an investment of 73.4 trillion won, creating 659,000 jobs. For the green transition of urban, spatial, and living infrastructure, zero-energy initiatives will begin with 230,000 aging buildings such as public rental housing, daycare centers, and health centers. Additionally, 25 smart green cities will be developed, and green smart schools, including school remodeling, will be intensively promoted.

28.4 trillion won will be invested in strengthening the employment and social safety net. In the employment safety net sector, the coverage for special-type workers and freelancers will be gradually expanded to allow them to benefit from employment insurance. Furthermore, the number of employment insurance subscribers, currently 13.67 million, is planned to increase to 21 million by 2025.

This content was produced with the assistance of AI translation services.