S. Korea to invest US$133 billion in digital, green sectors

"K-New Deal" will focus on 5G, artificial intelligence, big data

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Moon Jae-in.

Moon Jae-in. (AP photo)

(Taiwan News) — As the coronavirus pandemic slows global commerce to a crawl, South Korea on Tuesday (July 14) announced a stimulus package worth US$133 billion to create 1.9 million jobs by 2025, especially in the digital and green sectors.

Coined the "K-New Deal" by South Korean President Moon Jae-in, the plan will receive funding of 160 trillion won (US$133 billion) from the government and will invest in 10 selected projects that promote the development of digital technology and environmental sustainability.

The ambitious plan is deemed as a new way out for the export-driven economy, which is struggling with a year-on-year double-digit fall in shipments overseas. In June, it dropped 10.9 percent to US$39.2 billion from 2019, according to Nikkei Asian Review.

The plan will look to leverage the country's robust technology infrastructure to tap into the business potential of 5G, artificial intelligence, and big data.