President Moon Jae-in declared the Korean version of 'New Deal' on July 14.
President Moon announced that the government will invest a total of 160 trillion won ($133 billion) by 2025 to create 1.9 million jobs.
"The Korean version of the New Deal is the design of the Republic of Korea's new 100 years," President Moon said. "It is the declaration of the Republic of Korea's great transformation to become a leader of the global economy in the coming years."
"We will move forward to become a leading country by drawing two big pictures of digital New Deal and green New Deal on a solid employment and social safety net," He added. "We will make bold and preemptive investments in all areas of society, economy, education, industry and medical care to become the world's leading digital country."
"The Korean version of the New Deal is Korea's new social contract, and it will be used as an opportunity to strengthen the social safety net over the government's handling of the COVID-19 pandemic," President Moon said.
He mentioned Data Dam (like 'Hoover Dam', a symbol of the U.S. New Deal), artificial intelligence governments, smart medical infrastructure, green remodeling, green energy, eco-friendly future mobility, green smart schools, digital twin, SOC digitalization and smart green industrial complexes as the top 10 flagship projects in the digital and green New Deal sectors.
Regarding the Digital New Deal, the government plans to invest 58.2 trillion won to create 903,000 jobs. In order to strengthen the ecosystem of data, network, and artificial intelligence, the government will build a data dam and overcome incurable diseases through bio big data and push for convergence of 5G and AI in all industries.
In addition, high-performance Wi-Fi will be installed in all elementary, middle and high schools nationwide, and AI precision diagnosis system will be established in 18 smart hospitals.
To digitize SOCs, the government will digitize national infrastructure management systems such as roads and ports, and establish smart cities and smart industrial complexes.
Regarding the Green New Deal, the government plans to invest 73.4 trillion won to create 659,000 jobs. The plan is to transform 230,000 old buildings to zero-energy and smart green buildings for green transformation of urban, space and living infrastructure.
The government will supply 1.13 million electric vehicles and 200,000 hydrogen cars in connection with the spread of low-carbon and distributed energy, and induce 1.16 million old diesel cars to be scrapped early. In addition, it will expand supply of renewable energy such as solar energy, wind power, and hydrogen.
