'Korean economy to shift from fast follower to a pace-setting one'


President Moon Jae-in on July 14 announces the specifics of the Korean New Deal in a national reporting meeting at Cheong Wa Dae. (Yonhap News)

By Kim Young Deok and Lee Jihae

President Moon Jae-in on July 14 announced the specifics of the Digital New Deal, part of the Korean New Deal, saying "Adding our digital capabilities to industries across the board can help transform our economy from a fast-follower into a pace-setter."

In a national reporting meeting, he announced plans to invest KRW 58.2 trillion in the setup of a D.N.A. (data-network-AI) ecosystem to foster non-contact sectors and digitize social overhead capital to emerge as the world's No. 1 digital country.

For the ecosystem project, the government will first open 142,000 pieces of public data and utilize them in manufacturing, medicine and the bio industry. It will also push ahead with a convergence project combining 5G and artificial intelligence to create tangible content such as culture, sports and tourism, as well as set up smart museums and exhibitions based on information and communications technology.

A non-contact infrastructure will also be formed for fields closely related to daily life such as medicine and work to lay the foundation for the growth of pertinent industries. Eighteen smart hospitals to be built will also use digital technology in helping establish smart medical and caretaker infrastructure.

For public safety and convenience, a forthcoming management system for smart national infrastructure will focus on securing the people's safety and creating new industries. The government announced public investment of KRW 15.8 trillion by 2025 to set up a digital management system for sectors such as traffic, water resources and disaster response.

President Moon said, "Korea has the technology and capabilities to spearhead the digital revolution," adding, "We will strongly push digitalization in all areas of our lives, including the social, economic, educational, industrial and medical. In this manner, we will march toward becoming the No. 1 digital country, the global leader."


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