President Moon directs Green New Deal 'National Participation Fund' plan... Hong Nam-ki says "3Q, economic rebound"

President Moon Jae-in is presiding over a Cabinet meeting at the Blue House on the morning of the 21st. 2020.7.21 [Photo by Yonhap News]

[Asia Economy Reporter Son Sunhee] President Moon Jae-in instructed on the 21st to "actively devise a private investment attraction fund in which the public participates and shares profits" in relation to the 'Green New Deal,' one of the two main pillars of the Korean New Deal, the Blue House revealed.

Kang Min-seok, spokesperson for the Blue House, held a briefing at the press center in the afternoon and reported that President Moon emphasized "activating private investment" during a private briefing from Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, earlier that day. Furthermore, President Moon instructed to "swiftly promote an innovative procurement policy that allows startups and new companies with technological capabilities to participate in the government procurement market based solely on their technology, so that they do not miss out on the procurement market due to lack of delivery records."

The briefing lasted about an hour and 30 minutes from 3 p.m. and covered the recent economic situation and the direction of next year's budget formulation.

According to spokesperson Kang, Deputy Prime Minister Hong reported on the recent economic situation, stating, "Although the economy faced difficulties in the second quarter due to the severe global economic downturn, our economy is the most favorable compared to major advanced countries," and added, "Key economic indicators from June to July showed improvement, so the second quarter is expected to be the bottom, with a rebound starting in the third quarter."

Regarding the direction of next year's budget formulation, he presented four major focus tasks: ▲ full-scale investment in the Korean New Deal ▲ steady investment and visible results in national tasks ▲ enhancement of fiscal productivity through expanded collaborative budget formulation among ministries ▲ and bold expenditure restructuring.

Spokesperson Kang conveyed that "President Moon expressed his sympathy and encouraged Deputy Prime Minister Hong to vigorously push forward, lending his support."

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