Kim Yong-beom, Deputy Minister of Economy and Finance, "We Will Prepare Proactive Measures for Digital Trade Issues"

Kim Yong-beom, 1st Vice Minister of Strategy and Finance. (File photo)

[Sejong=Asia Economy Reporter Joo Sang-don] Kim Yong-beom, First Vice Minister of the Ministry of Economy and Finance, stated on the 19th, "We will continuously and meticulously monitor major countries' policy trends and trade issues to secure digital leadership and prepare proactive response measures."

On this day, Vice Minister Kim presided over the 3rd meeting of the Digital New Deal Subcommittee of the Korean New Deal Advisory Group online and made these remarks during his opening address.

Vice Minister Kim explained, "This year, we will fully promote the Digital New Deal to accelerate digital transformation further and create tangible results for the public. We plan to execute 70% of the total 7.6 trillion won Digital New Deal budget by the first half of the year as an early disbursement to serve as a catalyst for fiscal investment and further expand private investment."

The government also intends to promptly complete the legal and institutional foundations to support the Digital New Deal. Vice Minister Kim emphasized, "We will soon launch and operate a 'Public-Private Joint Data Control Tower' to oversee policies on the collection, linkage, and utilization of public and private data. We will also expedite the enactment of the Basic Data Act to promote private data trading and utilization, thereby revitalizing the data industry ecosystem."

He stressed the need to strengthen monitoring as countries fiercely compete to lead the digital economy. He said, "At 'CES 2021,' held online last week, we once again confirmed that innovation is accelerating amid the COVID-19 crisis, and many countries and companies are fiercely competing for digital innovation such as 5G and artificial intelligence (AI) convergence. The government will actively support companies' development of future new technologies such as AI semiconductors, 6G, and holograms to ensure that Korea leads the digital economy."

Meanwhile, the meeting was attended by 16 digital New Deal division directors from various ministries and advisory committee members of the Digital New Deal Subcommittee, where they discussed the '2021 Digital New Deal Implementation Plan' and 'Digital Transformation Cases and Policy Implications from Various Countries.'

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