President Moon Jae-in said on Sept. 3 that the government will invest 170 trillion won ($143 million) in the Korean version of the New Deal project and create 20 trillion won ($16.8 million) worth of the New Deal fund in which people can participate over the coming five years.
Noting that the government will open up the future of the Korean economy with the New Deal fund and financing, the president said, "The government will launch the financial policy to back up the Korean version of the New Deal policy in earnest."
"In addition, the government will foster a 'New Deal Infrastructure Fund' that provides loss risk sharing and tax benefits, and promote private New Deal funds," President Moon said at the 1st Korean version of the New Deal Strategy Meeting held at Cheong Wa Dae.
"The government will soon launch a product that can develop the 'New Deal Index' and invest in the index," he said. "It will be an opportunity for people to invest in the future and social values of the Republic of Korea as well as to generate profits for individuals."
"The government will spend 100 trillion won in policy financing and 70 trillion won in private financing for Korean New Deal projects and companies over the next five years," President Moon said.
"It is also significant in terms of shifting the abundant liquidity in the market from non-productive sectors such as real estate to productive sectors," he stressed.
