President Moon Jae-in delivers a speech on the Korean New Deal during an event at Cheong Wa Dae in Seoul on July 14, 2020.
President Moon Jae-in on Tuesday unveiled the blueprint for South Korea's New Deal.
Moon said at the core of the project is a plan to spend 160 trillion won to create 1.9 million jobs by 2025, adding the government will push new policies in preparation for the post-coronavirus era.
Our Ron Chang has this report.
President Moon said the "Korean New Deal" will greatly transform the country so that it takes a leap forward to becoming a pacesetting nation.
And he also stressed that it will help provide fresh opportunity for those who need jobs.
Breaking down the details, Finance Minister Hong Nam-ki said it's aimed at kick-starting the coronavirus-hit economy.
Hong explained that under the plan are the "Digital and Green New Deals," which consist of 28 projects that will transform Korea's fossil fuel-reliant economy into an eco-friendly one.
They will also increase state investment in artificial intelligence and fifth-generation telecommunication services.
The central government is projected to spend 114.1 trillion won on the projects while local governments shoulder 25.2 trillion.
Hong said they will also reform regulations to encourage private companies to join to the tune of 20.7 trillion won.
<Photo: Yonhap News>
Please send comments to firstname.lastname@example.org / copyright © tbs. Unauthorized redistribution prohibited.