20 Trillion Won Fiscal Support for Next Year's Korean New Deal... Discovery of 137+α Public Institution Projects (Comprehensive)

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is delivering opening remarks at the "2nd Korean New Deal Ministerial Meeting and 14th Central Emergency Economic Countermeasures Headquarters Meeting" held on the 20th at the Korea Eximbank in Yeouido, Seoul.

[Asia Economy Reporter Kwangho Lee] The government will invest 20 trillion won next year in the national power consolidation project, the 'Korean New Deal.' The plan is to discover 137+α projects through public institutions and focus on fostering renewable energy and non-face-to-face public service industries.

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated at the 2nd Korean New Deal Ministerial Meeting and the 14th Central Disaster and Safety Countermeasure Headquarters (Economic Central Disaster Headquarters) meeting held on the 20th at the Korea Export-Import Bank in Yeouido, Seoul, "We will reflect a fiscal support requirement 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 prepared in the 3rd supplementary budget in the second half of the year."

The government plans to submit next year's budget proposal to the National Assembly on the 3rd of next month.

At the meeting, the government discussed ▲2021 fiscal investment plan for the Korean New Deal ▲Plan to establish a citizen-participation Korean New Deal fund ▲Digital-based industrial innovation growth strategy ▲2020 implementation plan for major Korean New Deal tasks ▲Measures to strengthen the role of public institutions supporting the Korean New Deal.

Deputy Prime Minister Hong said, "The Korean New Deal will be strongly promoted in a direction that enables comprehensive synergy effects among government finances and private funds, capital investment and institutional reform, and between central and local governments," adding, "We focused on discussing the New Deal fund at today's meeting and plan to finalize and announce the details as soon as possible."

He continued, "The Korean New Deal legal and institutional reform task force (TF) has been formed and is operating, so we will accelerate deregulation and legislation."

Regarding the digital-based industrial innovation growth strategy, Deputy Prime Minister Hong emphasized, "We will create a 400 billion won 'Industrial Intelligence Fund' that focuses investment on digital innovation leading companies to actively support the technology commercialization of promising early-stage companies."

Regarding measures to strengthen the role of public institutions, he previewed, "We will set five major areas: promoting the use of big data in public institutions and digitalization of all industries, building a new industry ecosystem and expanding innovative procurement in public institutions, sharing public resources, innovating digital and non-face-to-face public services, and expanding Green New Deal investments, and will focus on promoting 40 key management projects with significant impact."

In particular, he mentioned, "We will also discover and promote so-called 137+α autonomous diffusion projects where public institutions themselves integrate the New Deal into their unique public institution tasks."

He added, "We will establish a detailed plan for Korean New Deal performance creation by the end of September," and said, "We intend to actively support actual performance creation through performance creation TFs by institution and joint government-public institution inspection meetings."

Meanwhile, Deputy Prime Minister Hong expressed regret regarding the resurgence of COVID-19, saying, "It is very unfortunate that high-level social distancing has become inevitable again in a situation where the number of confirmed cases had stabilized and domestic demand sectors such as consumption, production, and investment were showing signs of recovery," and emphasized, "Until the complete end of COVID-19, situations like the current one can occur at any time, so under the recognition that 'successful quarantine is the prerequisite for economic recovery,' we will continue to devise economic recovery measures considering the quarantine situation."

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