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SOUTH KOREA SPENT US$11.7 BILLION IN 2021 AS PART OF ITS DIGITAL NEW DEAL PROGRAM

Summary

Highlights – South Korea spent US$11.7 BILLION IN 2021 as part of its digital new deal program. The government plans to invest around 160 trillion won until 2025 under the Korean New Deal initiative. The initiative targets to use 58.2 […]

Highlights –

  • South Korea spent US$11.7 BILLION IN 2021 as part of its digital new deal program.
  • The government plans to invest around 160 trillion won until 2025 under the Korean New Deal initiative.
  • The initiative targets to use 58.2 trillion won into key tech investments to create jobs.
  • Around 700 billion won would be set aside for virtual services.

On Wednesday South Korean government announced that it will spend 12.7 trillion won (US$11.7 billion) in 2021 as part of its digital New Deal program. This initiative aims to foster new tech industries for job creation.

The government plans to invest 160 trillion won until 2025 under its Korean New Deal initiative that was unveiled last year.

The digital New Deal targets pouring 58.2 trillion won into key tech investments to create around 900,000 jobs by the same year.

According to the Ministry of Science and ICT, the central government will invest 7.6 trillion won in digital New Deal projects this year, with the rest of the amount covered by regional governments and the private sector.

The ministry also plans to spend 9.9 trillion won on developing technologies based on data, networks and artificial intelligence (AI).

Around 700 billion won will be set aside for virtual services, such as remote education and smart medical systems.

According to the ministry, around 2.1 trillion won will be spent on the digitization of social overhead capital, which includes projects such as installing road infrastructure with self-driving technology and updating the country’s disaster-response system.

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