President Moon: "Unprecedented Investment in Korean New Deal... 160 Trillion Won to be Invested by 2025" (Update)

President Moon Jae-in is delivering a speech at the 'Korean New Deal National Report Conference' held at the Blue House's State Guest House on the 14th. 2020.7.14 [Image source=Yonhap News]

[Asia Economy Reporter Son Sun-hee] President Moon Jae-in stated on the 14th, "The government promises unprecedented investment in the Korean New Deal," adding, "By 2025, we will directly invest 114 trillion won from the national treasury, and including the private sector and local governments, about 160 trillion won will be投入."

In a keynote speech at the 'Korean New Deal National Report Conference' held at the Blue House State Guest House at 2 p.m. that day, President Moon said, "By 2022, the last year of our government, we will投入 a total of 68 trillion won, including 49 trillion won from the national treasury, to create tangible changes."

He also said, "New jobs will be created, 890,000 by 2022 and 1.9 million by 2025," expressing hope that "the Korean New Deal will become a new opportunity for citizens in need of jobs."

President Moon emphasized, "The Korean New Deal is a declaration of 'Great Transformation of the Republic of Korea' to leap forward as a leading country," and added, "It is the government's strong will to fundamentally change Korea from a follower economy to a leading economy, from a carbon-dependent economy to a low-carbon economy, and from an unequal society to an inclusive society."

The Korean New Deal is broadly divided into two pillars: the Digital New Deal and the Green New Deal. At its foundation is a social safety net for a 'people-centered inclusive nation' through job creation. The government will play a pioneering role through active fiscal investment, enabling private-led innovation and investment.

President Moon expressed his ambition, saying, "We have the technology and capabilities to lead the digital revolution as the world's top ICT competitor and the number one semiconductor country," and added, "With bolder and more proactive investments, we will strongly promote digitalization across all areas of our lives, including society, economy, education, industry, and healthcare, advancing to become the world's leading digital nation."

He also added, "The Green New Deal is a proactive response to the climate crisis," and "It will create large-scale jobs through the growth of green industries."

President Moon said, "We will adopt the Korean New Deal as a national development strategy and vigorously fulfill the government's role and responsibility," and "We will select representative projects as large-scale national projects and invest intensively." He then mentioned the ten representative projects selected by the government in the digital and green new deal sectors: ▲Data Dam ▲Artificial Intelligence Government ▲Smart Medical Infrastructure ▲Green Remodeling ▲Green Energy ▲Eco-friendly Future Mobility ▲Green Smart School ▲Digital Twin ▲SOC Digitalization ▲Smart Green Industrial Complex.

He also stated, "The Korean New Deal places special emphasis on expanding safety nets and investing in people," and said, "Along with efforts to gradually expand employment safety nets for all citizens, we will completely abolish the support obligation criteria by 2022 and promote the pilot introduction of sickness benefits that allow people to rest when ill." He further reiterated, "We will expand investment in people, strengthen talent development and vocational training systems in line with changes in social and economic structures, and vigorously promote digital inclusion to bridge the digital divide."

President Moon concluded his speech by saying, "The Korean New Deal will continue to evolve," and "Starting is half the battle. I hope everyone will unite their efforts for the success of the Korean New Deal."