Comprehensive Plan for 'Incheon-type New Deal' Prepared... 14 Trillion Won Invested, 170,000 Jobs Created

Fostering Advanced Industries like AI and Robotics and Establishing a Bio Cluster
Joining the 'Coal Phase-Out Alliance' and Ending the Metropolitan Landfill to Establish a Resource Circulation System
Building a 'Job Ladder' to Overcome the COVID-19 Economic Crisis

[Asia Economy Reporter Park Hyesook] A comprehensive plan for the 'Incheon-type New Deal' has been prepared to promote the advancement of Incheon's economic structure in the era of the 4th Industrial Revolution. The core of the plan is to invest 14 trillion won in four sectors?Digital, Green, Bio, and Human New Deals?by 2025 to create 173,000 jobs.

On the 10th, Incheon City announced that it finalized the comprehensive plan for the 'Incheon-type New Deal' and will promote related projects with the goal of "a better Incheon through a major transformation of the economic and social structure."

The final plan consists of four sectors, adding the Bio New Deal to the government's 2+1 direction of Digital, Green, and Human New Deals. In particular, it reflects key projects from the recently announced 'Incheon Welfare Baseline' in the Human New Deal sector, strengthening the linkage with post-COVID economic and welfare policies.

The Digital New Deal includes a plan to invest 1.8 trillion won to foster advanced industries such as artificial intelligence (AI), airport and aviation-specialized industries, and robotics, and to create 18,000 jobs through the digital transformation of manufacturing and small businesses.

Representative projects include the establishment of the Songdo AI Startup Park, fostering a startup incubator within Incheon National University Jemulpo Campus, creating an innovation valley connecting Gyeyang Technovalley, fostering advanced digital industries such as drones and robotics, and supporting the conversion of 1,650 smart factories throughout Incheon.

The Green New Deal aims to increase the use of renewable energy by more than 22% by 2030 and establish a resource circulation system through the closure of the metropolitan landfill site by 2025. It plans to invest 5.6 trillion won and create 58,000 jobs.

Notably, the plan includes joining the 'Powering Past Coal Alliance (PPCA),' which, if realized, is expected to strengthen eco-friendly energy policies such as the early closure of Yeongheung Thermal Power Plant, proposed last month by Mayor Park Namchun to President Moon Jae-in.

'Incheon Bio Cluster' Core Target Values [Provided by Incheon City]

The Bio New Deal involves creating a 'Bio Innovation Cluster' connecting the Songdo International City in the Free Economic Zone and Namdong Industrial Complex to establish a bio-innovation ecosystem base, and building a 'Bio Process Workforce Training Center' to train 15,000 bio professionals by 2030. It plans to invest 2.9 trillion won and aims to create 38,000 jobs.

The Human New Deal focuses on overcoming the economic crisis caused by COVID-19 and achieving rapid economic recovery by building a 'job ladder' consisting of 'social safety net,' 'employment safety net,' and 'human investment.'

It provides a strengthened social safety net, including the 'Incheon Welfare Baseline,' which sets minimum and adequate standards in five areas: income, health, housing, education, and care. It establishes an employment safety net through various policies and projects that support employment for small and medium enterprises, small business owners, and youth, and expand opportunities for entrepreneurship and re-employment.

Additionally, through human investment such as fostering talent in advanced industries, bridging the digital divide, and strengthening lifelong learning, it plans to improve accessibility to high-wage and quality jobs.

The investment amount is 2.7 trillion won, with a target of creating 59,000 jobs.

To ensure the smooth implementation of the Incheon-type New Deal, Incheon City upgraded the dedicated team for the New Deal, chaired by the Director of Planning and Coordination Office, to a 'Task Force chaired by the Deputy Mayor.' Accordingly, the task force will regularly check the progress of the Incheon-type New Deal, monitor government policies, and discover and support creative regional balanced New Deal projects.

The city also plans to establish a 'New Deal Special Advisory Group' under the Incheon City Job Committee next month to build a cooperative system with private experts.

Mayor Park Namchun stated, "The Incheon-type New Deal is intended to overcome the difficulties of the local economy caused by the prolonged COVID-19 pandemic and to prepare Incheon's future growth engines by solving current issues such as urban environment improvement. We will select 10 representative projects of the Incheon-type New Deal and respond to the expectations and hopes of our citizens to lead a successful New Deal."

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