The South Korean government will encourage investments of up to 100 trillion won from both the public and private sectors through tax breaks and subsidies in a bid to help the economy bounce back next year.

At an economy-related ministers' meeting led by President Moon Jae-in on Thursday, the government set its 2020 growth outlook at two-point-four percent, citing recoveries in the global economy, the semiconductor industry and domestic demand.

To achieve the growth, the government pledged to secure large-scale private corporate investment projects worth 25 trillion won, including 15 trillion won in projects that had not been announced previously. 

Currently, five large private corporate projects worth a combined 10 trillion won are underway, including construction of a petrochemical plant in Ulsan worth seven trillion won and a shopping complex project in Incheon worth one-point-three trillion won.

The government also aims to induce 15 trillion won in other private projects as well as 60 trillion won in public sector projects.

The government will provide subsidies totaling four-point-five trillion won for new facility investments by businesses while also expanding tax incentives.

A total of 23-point-two trillion won has been set aside from next year's budget for state infrastructure projects and various housing and urban development projects are expected to be announced as part of efforts to revive the construction industry.

In preparations for the post-semiconductor era, the government will support the country's 5G-related industries to accelerate innovation of the data-centered economy.