Announcing the Korean New Deal aimed at reviving the economy, Finance Minister Hong Nam-ki said Tuesday that fiscal investment will take center stage, but regulatory reform and institutional improvement will also be carried out.

Hong said government funds under the initiative will merely serve as priming water and called for the private sector to do its share through large scale investment and fostering of new sectors.

The minister said the Korean New Deal is different from the U.S. version, a symbol of which was the Hoover Dam. 

He explained unlike engineering projects, the Korean New Deal will involve digital green infrastructure and the establishment of "data dams" to lay the groundwork for a post-coronavirus era.

Hong called the project pace-setting, adding that it will transform the nation into an eco-friendly society. He continued that the success depends on cooperation and execution, promising to form the related consultation bodies and set up meetings.