Hong Nam-ki: "Investing 9.9 trillion in D.N.A... Establishing a public-private data control tower within January"

Chairing the 25th Emergency Economic Central Countermeasures Headquarters Meeting and the 8th Korean New Deal Related Ministers' Meeting

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kim Hyunjung] The government will invest 9.9 trillion KRW this year to advance the economic structure based on Data, Network, and Artificial Intelligence (D.N.A.). A public-private joint data control tower will be established within this month, and efforts will also be made to expand non-face-to-face education, medical care, and work infrastructure.

On the morning of the 6th, Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki chaired the "25th Emergency Economic Central Countermeasures Headquarters Meeting and the 8th Korean New Deal Ministerial Meeting" at the Seoul Government Complex and announced the "2021 Digital New Deal Implementation Plan" containing these details.

The core of the investment is in the fields of data, network, and artificial intelligence. Deputy Prime Minister Hong said, "We will additionally operate six big data platforms including digital industrial innovation and smart policing, introduce mobile driver’s licenses, and expand AI national secretary services from 9 types to 39 types," adding, "We will establish a public-private joint data control tower within January and simultaneously improve systems by promoting the production, transaction, and utilization of data through the enactment of the Basic Data Act."

For the creation of future industry foundations, 2.1 trillion KRW (1.8 trillion KRW in national funds) will be invested in core infrastructure and digitalization of industrial complexes and logistics. Deputy Prime Minister Hong stated, "To commercialize autonomous vehicles, we will build intelligent transportation systems (ITS) on 45% of national roads this year (100% by 2024) and establish 3D maps of all urban areas nationwide to lay the foundation for digital twins," emphasizing, "We will also actively promote the digitalization of logistics by expanding two advanced smart joint logistics centers and 20 private smart logistics centers this year."

To promote the transition to a non-face-to-face economy, 700 billion KRW (600 billion KRW in national funds) will be invested to expand non-face-to-face infrastructure in daily life sectors such as education, medical care, and work. He said, "We will install high-performance wireless internet in 270,000 general classrooms in elementary and secondary schools and establish 1,000 respiratory clinics," and added, "We will focus on developing Doctor Answer 2.0 and providing non-face-to-face service vouchers to 60,000 small and medium-sized enterprises." Furthermore, he mentioned, "We will also promote the enactment of the Remote Education Basic Act as an institutional foundation for non-face-to-face services."

Deputy Prime Minister Hong also announced plans to expedite the execution of a 9.3 trillion KRW tailored support package for COVID-19 damage. He said, "For small business owners, the support fund and emergency employment stabilization subsidies will be announced on the 6th, with payments starting from the 11th and 90% of payments completed before the Lunar New Year holiday," adding, "The small business rent loan program (1 trillion KRW) for businesses subject to closure orders will be implemented online in January, and from the 18th, loan programs for restricted businesses (3 trillion KRW) and the second-stage financial support program for small businesses (remaining 3.6 trillion KRW) will begin with reduced guarantee fees."

Among the 110 trillion KRW investment plan to boost the economy this year, 34 trillion KRW out of 65 trillion KRW in public institution investments will be executed in the first half of the year. He explained, "We will execute more than 34 trillion KRW (53%) in the first half, including 26.4 trillion KRW for housing stability such as the construction of the 3rd new towns (Incheon, Hanam, etc.) and 3.4 trillion KRW for Korean New Deal investments such as renewable energy construction," adding, "For private investment projects (totaling 17.3 trillion KRW), we will actively discover new types of private projects such as Green Smart Schools, and for corporate investments (28 trillion KRW), we will accelerate the support for the commencement of about 10 trillion KRW worth of previously discovered projects within the year and the discovery of new projects worth about 18 trillion KRW." He also added, "We have set the goal for early fiscal execution this year at a record high level (63% for central government) and will manage it intensively from January."

Regarding vaccine procurement and inoculation, he explained, "We will pay approximately 1 trillion KRW for vaccine purchases as planned, including advance payments for 20 million doses of Moderna vaccines, and prepare to start vaccinations from February, beginning with medical personnel and the elderly."

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