'Korean New Deal' Discussions Still in Early Stage... Promotion Plan to Be Submitted to Central Disaster and Safety Countermeasures Headquarters Next Week

by Ju Sangdon

Published 02 May.2020 11:14(KST)

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Economy and Finance. (File photo)

[Asia Economy Reporter Joo Sang-don] As the government has decided to promote the 'Korean New Deal' to create new jobs after overcoming the novel coronavirus infection (COVID-19), attention is focused on the direction of its implementation.

The specific direction has not yet been determined. The government has declared that it will be different from previous New Deals. On the 29th, Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, explained at the Emergency Economic Central Disaster and Safety Countermeasure Headquarters meeting, "The Korean New Deal can be seen as a new job creation project connected to the digital economy transition, preparation for the 4th Industrial Revolution, and the post-COVID era, moving away from the large-scale civil engineering concept of the last century," adding, "In this regard, leveraging our strengths, planning and promoting large-scale digital-based IT projects utilizing domestic technology and manpower will be a representative example."

Various opinions were reportedly proposed at the meeting. At a briefing held immediately after the meeting, Kim Yong-beom, 1st Vice Minister of Economy and Finance, said, "There were many discussions today about how to set the scope of the New Deal," and added, "There was some discussion on several major categories such as digital, bio, and platform New Deals, and there were also suggestions to discuss green New Deal related to climate change and soft New Deal, which includes culture and similar areas."

The government plans to formally submit and discuss the 'Korean New Deal Implementation Direction and Plan' as an agenda item at the 2nd Central Disaster and Safety Countermeasure Headquarters meeting next week. However, it is expected that more time will be required to establish the specific direction of the Korean New Deal. Vice Minister Kim said, "Next week, we will have in-depth discussions on the direction, and several more discussions will be needed afterward," adding, "Rather than deciding the direction immediately next week and then coming up with tasks the following week, more extensive discussions will be necessary."