Kim Yong-beom, Deputy Minister of Economy and Finance, "The Key to the Success of the Korean New Deal is Active Participation and Investment by the Private Sector... We Will Continue to Strengthen Communication and Cooperation"

Kim Yong-beom, Vice Minister of Strategy and Finance, is delivering opening remarks while presiding over the "30th Innovation Growth Strategy Review Meeting, Policy Review Meeting, and 3rd Korean New Deal Review TF Meeting" held on the 6th at the Government Seoul Office in Gwanghwamun, Seoul.

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[Sejong=Asia Economy Reporter Joo Sang-don] Kim Yong-beom, First Vice Minister of the Ministry of Economy and Finance, stated on the 6th, "The Korean New Deal can only succeed if rapid change spreads through active participation and investment from the private sector, in addition to government fiscal investment and legislative improvements."

Vice Minister Kim made these remarks during his opening speech while presiding over the "30th Innovation Growth Strategy Review Meeting, Policy Review Meeting, and 3rd Korean New Deal Review Task Force (TF)" held at the Government Seoul Office.

Vice Minister Kim expressed concerns that this winter will be harsher than ever. He said, "Several Western countries are facing concerns of a 'twindemic' with the simultaneous spread of COVID-19 and influenza, and political-economic uncertainties such as the aftermath of the U.S. presidential election and U.S.-China trade conflicts are intensifying the threats of winter," emphasizing, "The Korean New Deal is a solid winter preparation measure to cope with the imminent winter and transition to a sustainable economy."

He viewed private sector participation as the most important factor for the success of the Korean New Deal and stressed the need for rapid spread of change through it. Vice Minister Kim noted, "For the first time in Korea, eight SK affiliates have applied for RE100 membership, and companies like Naver and Kakao are promoting the construction of data centers," diagnosing that "the private sector's movement for change has already begun."

The government plans to strengthen communication to further activate private sector participation. It will actively identify, manage, and resolve difficulties related to private investment in the New Deal by establishing a 'one-stop' window, and plans to visit the private sector more frequently to listen to diverse opinions. Vice Minister Kim promised, "We will create a policy-type New Deal fund early next year to expand opportunities for New Deal participation and activate investment in New Deal projects by the private sector," adding, "We will continuously strengthen communication and cooperation with the private sector so that the Korean New Deal spreads rapidly and changes can be felt early."

Additionally, the meeting discussed the preparation status and plans for the introduction of the National Employment Support System. Scheduled to be implemented in January next year, the National Employment Support System is a 'Korean-style unemployment assistance' designed to strengthen livelihood and employment support for vulnerable groups in the employment insurance blind spots. Vice Minister Kim said, "It is expected to contribute to improving employment conditions and alleviating poverty by dramatically expanding the protection scope of the employment safety net to include youth, women with career interruptions, self-employed persons, and others who find it difficult to receive employment insurance benefits," and added, "We will provide customized employment support programs and link them with various welfare services to strengthen the foundation for self-reliance through work."

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