S. Korea to boost digital infrastructure investment as pandemic accelerates digitalization

South Korea will intensify investments in digital infrastructure to cope with the rate that the coronavirus pandemic is accelerating digitalization, says Finance Minister Hong Nam-ki.

The focus of investments would include big data services, such as its Data Dam project, and next-generation telecom.

The Data Dam project aims to collect and integrate information provided by public and private sectors to create useful data that can be shared via 5G networks.

It is part of the Digital New Deal, one of two key pillars that constituting the Moon administration’s New Deal package.

In July, South Korea announced that it would invest 160 trillion won to create 1.9 million jobs by 2025.

It would feature 28 projects that will increase state investment in artificial intelligence and 5G telecommunication services while transforming fossil fuel-reliant economy into an eco-friendly one.

The projects are meant to establish the groundwork for economic growth while cushioning the economic impact of the pandemic and hastening recovery.