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160 Trillion To Be Invested in Korean New Deal to Overcome COVID-19 Crisis
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승인 2020.09.13  17:15:59
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The government announced a comprehensive plan for the Korean version of the New Deal, which will invest a total of 160 trillion won by 2025 to create 1.9 million jobs.

The Korean New Deal is defined as a national development strategy to overcome the new COVID-19 crisis and lead the global economy in its aftermath. It is an idea to turn the crisis into an opportunity and make Korea leap from a catching-up 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 government plans to invest 67.7 trillion won by 2022 to create 887,000 jobs and to invest 160 trillion won by 2025 to create 1.9 million jobs. Specifically, it consists of 114.1 trillion won in the national budget, 25.2 trillion won in the regional budget, and 20.7 trillion won in private investment.

The Korean version of the New Deal has three main pillars: Digital New Deal, Green New Deal, and the reinforcement of social safety net through employment.

First, Digital New Deal plans to invest 58.2 trillion won to create 903,000 jobs.

In order to strengthen the ecosystem of data, network, and artificial intelligence (D.N.A) industries, 140,000 public data will be released to build a data dam, and vouchers for 8,400 corporate data will be provided.

With the bio big data of 1 million people, the cure for rare diseases and new value-added businesses will be promoted, and the 5th generation mobile communication (5G) and AI will be converged with the primary, secondary, and tertiary industries.

The digital non-face-to-face industry will also be fostered. High-performance Wi-Fi will be installed in elementary, middle and high schools, and 18 smart hospitals will be built, which are equipped with a system called Doctor Answer 2.0, capable of precise AI diagnosis for 12 diseases, including lung cancer and diabetes.

The idea also promotes the digitization of social overhead capital (SOC). The national SOC and infrastructure management systems for roads and ports will be digitalized, and cities and industrial complexes will turn into smart cities and smart industrial complexes. The logistics system will be transformed into a high-efficiency, intelligent system to lay the foundation for the development of new industries such as autonomous vehicles and drones.

The Green New Deal will invest 73.4 trillion won to create 659,000 jobs. To transform the city, space, and living infrastructure, the transformation to zero-energy will begin from 230,000 old buildings that include public rental houses, daycare centers, and health centers. In addition, 25 smart and green cities will be created, and smart and green schools will be promoted through remodeling.

For the expansion of low-carbon and distributed energy, 1.13 million electric vehicles and 200,000 hydrogen vehicles are supplied, and 1.16 million old diesel vehicles will be supported for early scrapping. The supply of renewable energy, such as solar, wind, and hydrogen, will also be expanded.

To build ecosystems of innovative green industries, 10 smart and green complexes, 100 smart ecological factories, and 1,750 clean factories will be formed.

For strengthening the social safety net through employment, 28.4 trillion won will be invested o create 339,000 new jobs.

First, for the employment safety net, the subscription will be gradually expanded so that special workers and freelancers can receive the benefits of employment insurance.

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