200714_President Moon_front

President Moon Jae-in on July 14 speaks to a national reporting event for the Korean New Deal at Cheong Wa Dae. (Yonhap News)

By Lee Kyoung Mi and Lee Jihae

President Moon Jae-in on July 14 called his proposed Korean New Deal "a declaration of the Republic of Korea’s great transition into a leading nation."

"Building upon robust employment and social safety nets, we will establish two pillars – the Digital New Deal and the Green New Deal. Through these, we will move closer to becoming a leading nation at the forefront of this historic global transformation," he said.

The president was speaking to a national reporting meeting at Cheong Wa Dae in announcing a comprehensive plan for the New Deal, which seeks to overcome the economic crisis brought on by COVID-19.

He announced direct government investment of KRW 114 trillion by 2025 in the project, and the addition of private and local government funds will raise the total to KRW 160 trillion. "Some 890,000 new jobs will be created by 2022 and 1.9 million by 2025," he added.

Turning to the Digital New Deal, the chief executive said the goal is to "transform our economy from a fast-follower into a pace-setter," adding, "With bolder and forward-looking investments, 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."

Calling the Green New Deal a "preemptive response to climate crisis," he said, "When Korea – which has received global acclaim for its COVID-19 response – strives to foster its Green New Deal, we will be able to lead a new global order of solidarity and cooperation to resolve the climate crisis."

President Moon also announced the 10 leading areas of the project. The digital sectors are data dams, AI (artificial intelligence) government and smart medical infrastructure and the green ones green remodeling, green energy and eco-friendly future mobility.

The main projects in which both the digital and green aspects overlap are green smart schools, digital twins, social overhead capital digitalization for public safety and smart green industrial complexes.


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