Deputy Minister of Economy and Finance: "Successfully Establishing Over 20 Trillion Won in Policy Funds Including New Deal Fund"

15th Korea New Deal Advisory Group Digital New Deal Division 4th Meeting
"Full-scale Opening of Financial and Public MyData Era in the Second Half"

Lee Eok-won, 1st Vice Minister of Strategy and Finance. (Photo by Ministry of Strategy and Finance)

[Sejong=Asia Economy Reporter Moon Chaeseok] Lee Eokwon, the 1st Vice Minister of the Ministry of Economy and Finance, announced on the 15th, "We will steadily establish policy-type New Deal funds, Smart Korea funds, and regional New Deal venture funds."

At the 4th meeting of the Digital New Deal subcommittee of the Korean New Deal Advisory Group held that day, Vice Minister Lee said, "We will continuously reform regulations that hinder innovation so that the private sector can broadly invest in the digital ecosystem, and actively nurture promising digital startups and venture companies to further spread the recent second venture boom."

The policy-type New Deal fund he mentioned will receive 20 trillion won by 2025, the Smart Korea fund will receive 6.3 trillion won by 2025, and the regional New Deal venture fund will receive up to 500 billion won this year.

Vice Minister Lee also stated that he will actively promote the MyData project. MyData means that the person who holds the information actively manages and controls their own information and proactively utilizes it in credit, assets, health management, and so on. He emphasized, "Starting with the financial and public sectors in the second half of the year, we will officially open the MyData era."

He said, "We will expand strategic research and development (R&D) investments to preemptively secure core strategic technologies such as next-generation artificial intelligence (AI) semiconductors, ultra-high-speed computing, and future mobility," adding, "We will widen the super-gap in leading fields such as memory semiconductors and reduce the gap in fields still catching up, such as software and system semiconductors."

He also stated, "We will make further efforts to firmly root the D·N·A (Data·Network·AI) ecosystem in the private sector," and added, "We will proactively build and open core data with high private demand, and integrate individually operated data platforms in manufacturing, healthcare, finance, etc., into a data integration map to improve accessibility."