Hong Nam-ki "20 Trillion Won Fiscal Support for Korean New Deal 2021" (Update)

'Industrial Intelligence Fund' Raised 400 Billion KRW
Detailed Plans for Performance Creation by Public Institutions to Be Established by September

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance (Photo by Yonhap News)

[Asia Economy Reporter Kwangho Lee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated on the 20th, "We will reflect fiscal support requirements exceeding 20 trillion won in the 2021 budget for the Korean New Deal." He also expressed, "We will complete 100% execution of the 4.8 trillion won secured in the 3rd supplementary budget in the second half of the year."

On the same day, at the 2nd Korean New Deal Ministerial Meeting and the 14th Central Disaster and Safety Countermeasure Headquarters Meeting held at the Export-Import Bank in Yeouido, Seoul, Deputy Prime Minister Hong said, "We are preparing and promoting follow-up measures for the Korean New Deal with a sense of urgency."

He particularly mentioned, "There will be focused discussions on the establishment of the New Deal Fund," adding, "We plan to finalize and announce the details as soon as possible."

He continued, "In addition to the role of fiscal stimulus, we will establish an incentive system so that the abundant liquidity in the private sector can lead to productive investments under the Korean New Deal."

At the meeting, the 2021 fiscal investment plan for the Korean New Deal was discussed, along with ▲ the digital-based industrial innovation growth strategy ▲ and measures to strengthen the roles of public institutions supporting the Korean New Deal.

Deputy Prime Minister Hong emphasized, "We will create an 'Industrial Intelligence Fund' worth 400 billion won to focus investment on leading digital innovation companies and actively support the technology commercialization of promising early-stage companies."

He also stated, "To strengthen the roles of public institutions, we will select 40 key management projects in five major sectors and discover 137 plus alpha autonomous diffusion projects to be promoted through a 'two-track' approach. Detailed plans for each public institution will be established by the end of September to support actual performance creation."

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