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S. Korea Reveals Details of Korean New Deal

#Hot Issues of the Week l 2020-07-19

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ⓒYONHAP News

President Moon Jae-in on Tuesday disclosed details of the Korean New Deal, which he described as a declaration to transition into a world-leading nation in the post-coronavirus era.

Saying the deal reflects the government’s strong determination to fundamentally change the nation, Moon noted that the initiative seeks to transform South Korea from a fast follower into a first mover.

The deal also seeks to make the economy less carbon-dependent and society more inclusive.

The latest scheme is largely based on two initiatives: The Digital New Deal and The Green New Deal.

Under the Digital New Deal, the government plans to inject some 58 trillion won by 2025 to create 903-thousand jobs. Under the Green New Deal, roughly 73 trillion won will be invested to create 659-thousand jobs. 

The government will also invest nearly 12 trillion won to strengthen the social safety net and improve job security.

The latest scheme includes plans on digitalizing the nation’s social infrastructure and related management systems and fostering contactless industries. It also aims to supply some one million electric cars and 200-thousand hydrogen cars as part of efforts to move towards a low-carbon economy.

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