Vice Minister of Economy and Finance: "Prompt Completion of Legislation on 10 Key New Deal Tasks Including the Carbon Neutrality Act"

'7th Innovation Growth Strategy Review Meeting' Held on the 26th

Kim Yong-beom, First Vice Minister of Strategy and Finance, is delivering opening remarks at the 'Innovation Growth Strategy Review Meeting' held on the 26th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Sejong=Asia Economy Reporter Moon Chaeseok] Kim Yong-beom, the 1st Vice Minister of the Ministry of Economy and Finance, stated on the 26th, "We will promptly complete the legislation of the 10 major legislative tasks for the future transition New Deal."

At the '7th Innovation Growth Strategy Review Meeting, Policy Review Meeting, and Korean New Deal Review Meeting' held at the Government Seoul Office on the same day, Vice Minister Kim said, "By last month, all 29 related bills and amendments were submitted to the National Assembly, and legislation for four laws including the Industrial Cluster Act has been completed."

The 10 major legislative tasks for the future transition New Deal, selected last October, include the Digital Economy Transition Act (such as the Basic Data Act), the Digital and Non-face-to-face Promotion Act (such as the Digital Jiphyeonjeon Act), the Green New Deal Basic Act (Carbon Neutrality Implementation Act), the Climate Change Response Act, and the Green Industry Promotion Act.

Vice Minister Kim emphasized, "Legal and institutional support such as support for data production, transaction, and utilization, and support for achieving carbon neutrality by 2050 is of utmost importance," adding, "Eight bills passed the standing committees during the February extraordinary session, and most of the remaining 17 bills are undergoing legislative procedures such as review by the relevant standing committees."

He stated, "The government will promptly complete the legislation to provide legal support for the Korean New Deal and will also prepare without delay for the enactment of subordinate statutes."

The meeting also discussed the status and plans for promoting the regional balanced New Deal. Since the announcement of the regional balanced New Deal promotion plan last October, 17 metropolitan and provincial local governments have been refining related policies.

Vice Minister Kim said, "With all 17 metropolitan and provincial governments establishing their own regional balanced New Deal plans, the regional balanced New Deal has entered a full-fledged track," and added, "We plan to provide financial incentives for regional projects that meet the suitability criteria of the regional balanced New Deal and have significant ripple effects."

He continued, "We will continuously hold local government New Deal fund briefings to ensure that the New Deal fund, which will be raised to the scale of 20 trillion won over five years, can also be invested in regional projects and promising local companies."

Meanwhile, Vice Minister Kim mentioned that to overcome the 'employment disaster' crisis caused by the spread of COVID-19, job support for youth and women will be provided through the supplementary budget.

He said, "The government will systematically carry out free vaccinations according to plans at nationwide vaccination centers to achieve herd immunity as soon as possible," and added, "Along with this, through the supplementary budget, we will make every effort to support vulnerable sectors affected by the pandemic and provide job support for youth and women."

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